Former Vice President Joe Biden is sworn in as the 46th U.S. president on Wednesday, and his to-do lists will run extraordinarily as he tries to drag the country out of the worst pandemic in a century and repair fractures in U.S. politics. .
But by at least one yardstick, Biden’s supporters may point to the incoming president’s bullish impact on the stock market since the November 3 election as one earlier achievement, even if it’s hard to recoup all recent gains on government change. of Donald. Trump and Biden.
Read: Joe Biden inaugurated as 46th President: here’s how to watch
Looking back historically, the everyday champion for Election Day to Inauguration Day was the one-time Republican President Herbert Hoover, with a 13.3% pull in the S&P 500 index SPX
between his election on November 6, 1928, and his first day in office.
In the 11 weeks between the November 3 and Tuesday election, the S&P 500 was a whopping 12.76%, according to FactSet data.
The return puts Biden in the No. 2 series, following Republican Hoover, with an outcry over the disappearance of the one-time Iowan commander-in-chief, who served from 1929 to 1933, and his legacy linked to soup lines and economic crisis.
Dow Jones Market Data
Hoover’s presidency was damaged by the stock market crash of 1929, which lasted about eight months during his tenure and would eventually be considered by many to be the starting point of the Great Depression.
However, Biden is hoping for a more favorable presidency, even if his term begins during a serious piece of the COVID-19 pandemic.
Dow Jones Market Data
On Tuesday, the U.S. reached a milestone of more than 400,000 reported deaths due to COVID-19 at the top, as the deadly pathogen that took office nearly a year ago sees a new revival.
Meanwhile, the US was tormented in the wake of an apparent uprising, in which thousands of protesters, namely those claiming to be Trump supporters, stormed the Capitol two weeks ago, leading to a historic second indictment of the 45th president who gets the blame for the help. to incite the riots that led to the deaths of five people.
Perhaps, more than any other president, Trump has achieved his success as a leader for the performance of the economy and the stock market, which collapsed amid the fall of the viral outbreak. Trump’s election loss was largely linked to his handling of the public health crisis.
The U.S. pandemic colored the U.S. presidential election, forcing a historic number of remote votes to limit the spread of the virus and slowing yields in some states. The Associated Press only declared Biden victorious in key states on November 7.
And while Biden is helping out the recent S&P 500 market advances, the Dow Jones Industrial Average DJIA,
and the Nasdaq Composite Index COMP,
since November, the gains also came amid the launch of vaccines with a high reported efficacy of Pfizer PFE,
-BioNTech BNTX,
and Modern MRNA,
helps strengthen the hope for a short-term economic recovery from the epidemic.