Former Vice President Joe Biden will be sworn in as the 46th president of the United States on Wednesday, and his to-do lists will last extraordinarily as he tries to drag the country out of the worst pandemic of a century and fix the fractures of U.S. politics. .
But at least with one measure, Biden supporters could point to the president’s bullish impact entering the stock market since the Nov. 3 election as an early milestone, though it’s hard to pin all recent gains. of Donald Trump’s regime change in Biden.
Read: Joe Biden will be sworn in as 46th president: Here’s how to see
If we look back historically, the all-time champion for election day performance on inauguration day was Republican President-elect Herbert Hoover, with a 13.3% concentration on the index S&P 500 SPX,
between his election of November 6, 1928 and his first day in office.
According to FactSet data, in the 11 weeks between the November 3 and Tuesday elections, the S&P 500 rose a dazzling 12.76%.
This return places Biden at No. 2 in the function, after Republican Hoover, with an external shot at eclipsing Commander-in-Chief Iowan, who served from 1929 to 1933, and found his legacy tied to crisis economic.
Dow Jones Market Data
Hoover’s presidency was affected by the fall of the 1929 stock market which took place about eight months after his tenure and which would eventually be seen by many as the starting point of the Great Depression.
Biden, however, expects a more favorable presidency, although his term begins during a terrible stretch of the COVID-19 pandemic.
Dow Jones Market Data
On Tuesday, the United States surpassed a milestone of more than 400,000 deaths reported by COVID-19, as the deadly pathogen that collapsed nearly a year ago sees a new resurgence.
Meanwhile, the United States is facing the consequences of an apparent insurgency, where thousands of protesters, that is, those who claimed to be supporters of Trump, stormed the Capitol two weeks ago, leading to a second historic ouster. of the 45th president who was accused of helping to incite riots that resulted in the deaths of five people.
Perhaps, more than any other president, Trump drew his success as a leader on the performance of the economy and the stock market, which collapsed amid the aftermath of the viral outbreak. Trump’s electoral loss was largely tied to his treatment of the public health crisis.
The pandemic colored the US 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 declare Biden a winner in key states until Nov. 7.
And while Biden has had a hand in the recent market breakthrough 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 developing highly effective Pfizer PFE vaccines,
-BioNTech BNTX,
and Modern MRNA,
helping to bolster hopes of a short-term economic recovery from the epidemic.