Former Vice President Joe Biden will be sworn in as the 46th president of the US on Wednesday, and his to-do lists will last an extraordinarily long time as he tries to drag the country out of its worst pandemic in a century and repair breaks in US politics. .
But with at least one measure, Biden supporters could point to the president-to-be’s bullish impact on the stock market since the November 3 election as an early achievement, even if it is difficult to understand all the recent benefits of the regime change. Donald. Trump to Biden.
Read: Joe Biden is inaugurated as the 46th president: here’s how to watch
Looking back historically, the all-time champion for election day to inauguration day performance was one-term Republican president, Herbert Hoover, with a 13.3% rise in the S&P 500 index SPX,
between his election on November 6, 1928 and his first day in office.
In the 11 weeks between the November 3 and Tuesday elections, the S&P 500 rose a whopping 12.76%, according to FactSet data.
That return puts Biden in the No. 2 slot in progress, after Republican Hoover, with an outward-looking shot of eclipsing the one-time Iowan commander-in-chief, who served from 1929 to 1933, finding his legacy tied to soup rules and economic crisis.
Dow Jones Market Data
Hoover’s presidency was marred by the 1929 stock market crash that occurred about eight months after his tenure and would eventually be considered by many to be the starting point of the Great Depression.
However, Biden is hoping for a more favorable presidency, even as his tenure begins during a dire period of the COVID-19 pandemic.
Dow Jones Market Data
On Tuesday, the US hit a milestone of more than 400,000 reported deaths from COVID-19 as the deadly pathogen that took hold nearly a year ago is experiencing a new resurgence.
Meanwhile, the US is teetering in the wake of an apparent uprising, where thousands of protesters, namely those claiming to be Trump supporters, stormed the Capitol two weeks ago, leading to a historic second impeachment of the 45th president who was blamed for his help to start the riots that led to the deaths of five people.
Perhaps Trump, more than any other president, has linked his success as a leader to the performance of the economy and the stock market, which collapsed amid the fallout from the viral outbreak. Trump’s election loss was largely related to his handling of the public health crisis.
The pandemic colored the US presidential election and forced a historic number of remote votes to limit the spread of the virus and delayed its return in some states. The Associated Press didn’t declare Biden a winner in major states until Nov. 7.
And while Biden has had a hand in the recent market boom for the S&P 500, the Dow Jones Industrial Average DJIA,
and the Nasdaq Composite Index COMP,
gains have also been made since November thanks to the introduction of vaccines with high reported efficacy of Pfizer PFE,
-BioNTech BNTX,
and Moderna MRNA,
helping to bolster hopes for a short-term economic recovery from the epidemic.