Former President Donald Trump leaves a press convention at 40 Wall Street on January 17, 2024 in New York City. Trump held a press convention after leaving the second day of his defamation trial involving E. Jean Carroll.
Alexi J. Rosenfeld | Getty Images News | Getty Images
Former President Donald Trump on Monday admitted that the stock market is on the rise under his successor, President Joe Biden — however Trump nonetheless tried to take credit for it.
“THIS IS THE TRUMP STOCK MARKET,” Trump claimed in an all-caps Truth social post, “BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN, AND THAT WILL DRIVE THE MARKET UP.”
Trump cited no proof to again up the declare that traders are shopping for into the stock market now in anticipation that the Republican ex-president will beat the Democratic incumbent in an election practically 10 months away.
A spokesman for Trump didn’t instantly reply when requested if he may present sources to assist Trump’s declare.
The Dow Jones Industrial Average swelled to 38,000 for the primary time Jan. 22, marking a 1,000-point leap in simply 40 days. The S&P 500 hit a record high Jan. 19, which confirmed a brand new bull market.
Trump in the identical put up wrote, “EVERYTHING ELSE IS TERRIBLE (WATCH THE MIDDLE EAST!), AND RECORD SETTING INFLATION HAS ALREADY TAKEN ITS TOLL. MAKE AMERICA GREAT AGAIN!!!”
National polls have a tendency present a decent race between Trump and Biden, although some latest surveys, comparable to one carried out final week by Reuters/Ipsos, present Trump main by a number of factors.
Trump, who left the White House after shedding to Biden in 2020, is now the clear frontrunner for the 2024 Republican nomination.
Before the 2020 election, Trump claimed that the stock market would crash if Biden took workplace. And earlier this month, Trump made practically the identical declare concerning the 2024 election.
“I believe there will likely be a crash if I do not win,” Trump mentioned in a Jan. 10 city corridor occasion on Fox News.
But the Biden-induced crash Trump predicted by no means arrived. And regardless of widespread predictions of a recession triggered by the Federal Reserve mountain climbing rates of interest to quell runaway inflation, the U.S. economic system in 2023 avoided a extreme financial downturn.
Now, some financial specialists are contemplating the chance that the economic system is performing so nicely that it might keep away from even a “soft landing” state of affairs. The rosier outlook comes on the heels of a slew of constructive financial developments.
The newest jobs report confirmed a powerful hiring increase and better-than-expected rise in earnings in December whereas the unemployment fee stayed low.
Gross home product, the principle measure of financial development, shot up 3.3% within the final three months of 2023, a a lot sooner tempo than anticipated.
The inflation fee, which has dogged Biden and dragged down his polling numbers all through his time period in workplace, is exhibiting extra indicators of cooling, although costs stay elevated.