How popular is Biden in the market? US stock market frenzy over the past three weeks rare in the last 90 years
Since the election day of the United States, the S & P 500 index has soared by 7.7%, almost three times the increase since trump was elected in 2016. Even compared with the previous presidents elected in the past 90 years, this increase can also rank the second, only after the election of Reagan in 1980. In three weeks, the S & P 500 closed higher three times, with the Dow and the NASDAQ hitting new highs.
Trump likes to use the stock market as his report card, and has ridiculed Biden in front of 60 million TV debate viewers, saying: if he is elected, the stock market will collapse.
To be sure, Biden did have good luck. Within three weeks after the election, the good news of the new crown vaccine also helped the U.S. stock market soar. But several market participants said that investors also recognized Bidens performance.
The market is closely watching Bidens performance and so far the market is very happy with its performance, said Yousef Abbasi, global market strategist at stonex
Wayne wicker, chief investment officer at vantagepoint, said the unexpected overlap between Bidens election and the good news about the vaccine really surprised the market. He thought the coincidence was not artificial, saying, I dont think anyone would have deliberately planned such a sensational plot.
In a brief appearance this week, trump boasted that the Dow had broken through 30000 for the first time, although it may have more to do with Bidens nomination of Yellen as the next US Treasury secretary. Markets believe that Yellen should be on the side of the stimulus package.
Angelo kourkafas, investment strategist at Edward Jones, said the market welcomed Bidens more inclusive foreign policy initiatives and expected lower overall volatility in foreign trade.
He said in an interview:
Are you planning to contact the Biden team? Chinese response to this article source: surging news editor: Chen Hequn_ NB12679