According to an analysis by Forbes that will likely displease former president Donald Trump, current President Joe Biden is blowing by his predecessor's economic records he was so proud of as the U.S. economy comes roaring back.
Chuck Jones of Forbes reports that Trump was in the habit of boasting about economic gains during his administration, but now his records are being "soundly beaten" according to the S&P 500.
Writing, "The S&P 500 closed at a record high on Thursday at 4,704.54 (its third close above 4,700) and fell just short of another record on Friday when it dropped 6.58 points or 0.14% to 4,697.96. The Nasdaq closed at a record high of 16,057, its first close above 16,000 while the Dow Industrials is the laggard at 35,601, almost 1,000 points below its record," Jones added despite rising inflation and the possibility that interest rates could rise the economy under Biden is thriving.
"By President Trump's favorite measure of success President Biden's post-election gains in the S&P 500 Index have soundly beaten Trump's equivalent at just over their one-year election anniversary," he wrote before explaining that, "Charlie Bilello, Founder and CEO of Compound Capital Advisors, has created a chart that shows how many times the S&P 500 has hit record highs in any year since 1929. For 2021 the Index has eclipsed the record 66 times, which is the second highest number to 1995's 77 times. Biden's record number also eclipses Trump's best year in 2017 when the Index broke its all-time high 62 times."
For good measure, he pointed out: "Using the Index's returns from when Biden's election was called the weekend after the election to Friday Biden's market returns are substantially above Trump's by 13.3% and 9.7% from his inauguration."
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