Former Vice President Joe Biden will be inducted as the 46th U.S. President on Wednesday, and his to-do lists will run remarkably as he tries to drag the country down. out of the worst pandemic in a century, and repairing breakdowns in American politics.
But with at least one measure, Biden supporters may point to the bullish impact of the incoming president on the stock market since the November 3 election as one early achievement, even if it is difficult to pinpoint the recent changes in regime change from Donald. Trump to Biden.
Read: Joe Biden to be inaugurated as 46th president: Here’s how you look
Looking back historically, one-term Republican President Herbert Hoover was the full-time champion for the performance of Election Day to Start Day, with a 13.3% rally in the S&P 500 SPX index,
between his election on November 6, 1928 and his first day in office.
In the 11 weeks between the November 3 and Tuesday elections, the S&P 500 rose an impressive 12.76%, according to FactSet data.
That return puts Biden in the No. 2 slot in performance, after Hoover Republican, with an outside view of the ascent of one-time Chief Iowan, who served from 1929 to 1933, and found his legacy tied to soup lines and economic crisis.
Dow Jones market data
Hoover ‘s leadership was assassinated by the 1929 stock market crash that occurred about eight months after his tenure and was eventually seen by many as the beginning of the Great Depression.
Biden, however, hopes for a more progressive leadership, even though his term begins at a time of severe depression of the COVID-19 pandemic.
Dow Jones market data
On Tuesday, the U.S. announced a milestone of more than 400,000 reported deaths from COVID-19, as the deadly pathogen that caught nearly a year ago sees a new resurgence.
At the same time, the U.S. has apparently been reeling after a revolution, in which thousands of protesters, i.e. those who claim to be militants, have protested. -support Trump, a halt to the Capitol two weeks ago, leading to a historic second impeachment of the 45th president blamed for helping incite the riots that led to the deaths of five.
Perhaps, more than any other president, Trump hit his success as a leader on the performance of the economy and the stock market, which fell amid the collapse of the viral uprising. Trump’s election loss was largely tied to his handling of the public health crisis.
The pandemic colored the U.S. presidential election, forcing a historic number of remote votes to limit the spread of the virus and delay returns in some states. The Associated Press did not announce Biden as the winner in major states until November 7th.
And while Biden has been instrumental in the recent market advancement for the S&P 500, the Dow Jones industrial average DJIA,
and the Nasdaq Composite Index COMP,
since November, there have also been benefits in the distribution of high efficiency vaccines from Pfizer PFE,
-BioNTech BNTX,
and Moderna MRNA,
helping to strengthen hopes for near-term economic recovery from the disease.