Former President Donald Trump leaves a press conference at 40 Wall Street in New York City on January 17, 2024. Trump held a news conference after leaving the second day of his libel trial against E. Jean Carroll.
Alexi J. Rosenfeld | Getty Images News | Getty Images
Former President Donald Trump admitted Monday that the stock market was on the rise under his successor, President Joe Biden — but Trump still tried to take credit for it.
“THIS IS THE TRUMP STOCK MARKET,” Trump claimed in an all-caps social media post from Truth, “BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN AND THAT WILL TURN THE MARKET UP to drive.”
Trump cited no evidence to support the claim that investors are investing in the stock market now because they expect the Republican former president to beat the Democratic incumbent in an election nearly 10 months away.
A spokesman for Trump did not immediately respond when asked if he could provide sources to support Trump’s claim.
The Dow Jones Industrial Average rose to 38,000 points for the first time on January 22, marking a 1,000 point jump in just 40 days. The S&P 500 hit a record high on January 19, confirming a new bull market.
Trump wrote in the same post: “Everything else is terrible (look at the Middle East!) and record inflation has already taken its toll. Make America Great Again!!!”
National polls tend to show a tight race between Trump and Biden, although some recent polls, such as one last week from Reuters/Ipsos, show Trump leading by a few points.
Trump, who left the White House after losing to Biden in 2020, is now the clear frontrunner for the Republican nomination in 2024.
Before the 2020 election, Trump claimed that the stock market would collapse if Biden took office. And earlier this month, Trump made almost the same claim about the 2024 election.
“I think there’s going to be a crash if I don’t win,” Trump said at a town hall event on Fox News on Jan. 10.
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But the Biden crash predicted by Trump never came. And despite widespread predictions of a recession triggered by the Federal Reserve raising interest rates to curb runaway inflation, the U.S. economy managed to avoid a severe economic downturn in 2023.
Now some economists are considering the possibility that the economy will perform well enough to avoid even a “soft landing” scenario. The rosier outlook is driven by a number of positive economic developments.
The latest jobs report showed a strong hiring surge and better-than-expected earnings growth in December, while the unemployment rate remained low.
Gross domestic product, the main measure of economic growth, rose 3.3% in the final three months of 2023, much faster than expected.
The inflation rate, which has dogged Biden throughout his term and depressed his poll numbers, is showing further signs of cooling, although prices remain high.
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2024-01-29 21:03:56
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