University of Akron Endowment Investment Committee Chair Dennis Gartman on the impact of the presidential election on the markets.
President Trump is on a roll touting the performance of the U.S. stock market and the economy, pre-COVID-19, as the 2020 race for the White House gets even more intense.
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In a Monday tweet, he pointed to an economic rebound and forthcoming new records for equities in an effort to wow voters
“The Economy is about ready to go through the roof,” he tweeted. “Stock Market ready to break ALL-TIME RECORD. 401k’s incredible. New Jobs Record. Remember all of this when you VOTE. Sleepy Joe wants to quadruple your Taxes. Depression!!! Don’t let it happen!”
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Turns out, Trump’s point about stocks is spot on with the Dow Jones Industrial Average about 2.5% shy of its record close reached eight months ago.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 28837.52 | +250.62 | +0.88% |
The S&P 500 and Nasdaq Composite are even closer, about 1.5% away from September’s record highs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 3534.22 | +57.09 | +1.64% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11876.259158 | +296.32 | +2.56% |
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So how does Trump stack up against prior administrations?
FOX Business took a deeper look, along with the Dow Jones Market Data Group, and it turns out his performance for the S&P 500 and Nasdaq, Election Day 2016 to present, is the best in history under a Republican president.
As of Monday, the S&P 500 has gained over 65.2% under Trump, beating President Ronald Reagan’s 61.5% performance. Yet he does fall short of President Bill Clinton’s gains of 100.05% from 1996-2000.
The Nasdaq Composite, laden with tech names such as Apple, Amazon and Microsoft, the index has thrived under Trump, rising 128.7%, the best performance for any Republican president and the second-best record in history.
Clinton, however, still maintains the leader with a 177.9% rise.
More money could flow into U.S. stocks in the coming weeks as the U.S. economy shows further signs of recovering.
Last week, White House Economic Advisor Larry Kudlow told FOX Business he “likes what he sees,” noting progress in manufacturing, auto production, retail sales and the ongoing stimulus from the Federal Reserve.
Third-quarter GDP is expected to rebound by 35.6% as tracked by the Federal Reserve Bank of Atlanta’s GDP Now.
