Joe Biden’s first 100 days see historic Wall Street rally; Dow Jones, S&P 500 hit record highs

In the meantime, one other asset class has seen an exceptional run throughout this era — Bitcoin.
(Picture: REUTERS)

Joe Biden’s first 100 days in workplace have been among the many finest witnessed by Wall Avenue beneath any newly elected US President in current historical past. Dow Jones surged 8.6% because the forty sixth US President stepped foot within the Oval Workplace, and S&P 500 index zoomed 8.5% in the identical time-frame. This has been the perfect efficiency recorded by the benchmark indices beneath any current US Presidents from Ronald Regan’s first time period to Donald Trump, based on information sourced by Refinitiv. Joe Biden took oath on January 20 this yr and accomplished his 100 days in workplace on April 30.

Wall Avenue has been rising constantly because the March 2020 lows, barring minor shocks.  Because the Inauguration, the S&P 500 has grown 8.5%, registering the best return of any first-term president in 40 years. With this Biden overtook Barack Obama’s file of 8.4% return throughout his first 100 days in workplace. The Dow Jones gained 8.6% in Joe Biden’s first 100 days, surpassing the second-highest return throughout George H W Bush’s first 100 days with a progress of seven.5%. Crude Oil additionally marched greater throughout the preliminary 100 days, surging 19.4%, simply behind Barack Obama’s first time period when oil costs surged 32%.

Though the technology-heavy NASDAQ index did hit file highs in February this yr, it has given lesser returns than what have been seen earlier. NASDAQ gained 4.2%, decrease than Donald Trump’s 9.7% and Barack Obama’s 19.1%. Biden, nevertheless, did handle to beat George W Bush and Invoice Clinton’s efficiency of destructive returns on NASDAQ.

Preliminary public choices (IPO) have additionally been plentiful in current months. “Preliminary public choices proceed at tempo and are on monitor for a file first half because the variety of inventory alternate debuts attain the best stage in additional than twenty years, and the proceeds raised to date this yr smash all earlier data,” stated Lucille Jones, Offers Intelligence Analyst at Refinitiv. “The speedy restoration of the inventory market, after shares plunged in response to the unfold of COVID-19 final yr, inspired firms to press forward with IPOs, and investor sentiment about future progress alternatives past the pandemic has been key to driving exercise this yr,” she added.

In the meantime, one other asset class has seen an exceptional run throughout this era — Bitcoin. “Whereas the fairness market has grown, there has additionally been a outstanding rise within the progress of other currencies with Bitcoin being a recurring theme, up 63% since Biden’s inauguration,” the Refinitiv report stated.