Jun 30, 2023 - Economy
Biden stock market gains trail Trump and Obama
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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).
