Jun 30, 2023 - Economy

Biden stock market gains trail Trump and Obama

Data: Yahoo Finance; Chart: Axios Visuals
Data: Yahoo Finance; Chart: Axios Visuals

All three major U.S. stock indices have increased during President Biden's time in office, but the gains are smaller than those of his last two predecessors.

Why it matters: Biden this week signaled plans to run for reelection on his economic record, embracing the term "Bidenomics."

By the numbers: The S&P 500 has climbed 15.7% since Biden's inauguration, which trails Trump's 40% and Obama's 53.8%, at the same point in their presidencies.

  • The Dow Jones Industrial Average grew 10.3% for Biden, 34.8% for Trump and 48.06% for Obama.
  • The tech-heavy Nasdaq is where Trump came out on top for this time period, at a whopping 161.7%. Obama hit 70.2% while Biden oversaw a tech sector correction that put his Nasdaq performance at just 3%.

The bottom line: It's important to note that stock market performance is not necessarily a gauge of economic health.

  • More meaningful metrics include gross domestic product (GDP), employment and real wages.
  • That said, stock market performance does partially reflect how investors view the economy, and most American adults have money in the market (either directly or indirectly).
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