Remember when Donald Trump said the stock markets would crash if Joe Biden became president?
From the New York Times:
A rally in big technology stocks, a tailwind of economic optimism following the latest big spending plan from the Biden administration and a jump in oil prices combined on Thursday to lift Wall Street to another record, this one punctuated by the S&P 500 index’s close above 4,000 for the first time.
The Nasdaq composite climbed 1.8 percent, bringing its gain over the past two days to more than 3 percent. The broader S&P 500 rose 1.2 percent, to 4,020.
“Round numbers can be big psychological barriers for markets, so breaking 4,000 could provide a confidence boost to stocks in the short term,” said Lule Demmissie, president of online banking and trading firm Ally Invest. “And we think the market has room to run longer term, too.”
All things considered, its worth noting that Biden doesn’t point to stock market moves and claim responsibility for them as Trump often did.
Wall Street continues to be very happy. For the first time ever, the S&P 500 closed above 4,000 (up 46 points to 4,019.) The Dow Jones Industrial Average also is way up — closing today up 171 points at 33,153.
— Wolf Blitzer (@wolfblitzer) April 1, 2021
The S&P 500 crossed the 4,000 threshold for the first time on Thursday as Wall Street built on a solid March following the rollout of President Biden’s infrastructure plan.
The Dow was up 0.52%.
The S&P 500 surged 1.18%.
The Nasdaq jumped 1.76%. https://t.co/z8EFnaHQXv pic.twitter.com/vilzVWAVsM
— CNBC (@CNBC) April 1, 2021
*S&P 500 BREAKS ABOVE 4,000 MILESTONE AS BULL MARKET BARRELS ONhttps://t.co/CYinEy5NMl
— Joe Weisenthal (@TheStalwart) April 1, 2021