Entering Monday, the S&P 500 advanced just 13.2% since President Biden took office. That marks the second-worst performance during a president’s first 1,022 calendar days in office since former President Jimmy Carter, according to CFRA Research.
Entering Monday, the S&P 500 advanced just 13.2% since President Joe Biden took office in January 2021. That marks the second-worst performance during a president’s first 1,022 calendar days in office since former President Jimmy Carter, according to CFRA Research. The struggles in the market are largely linked to high inflation, which has caused the Federal Reserve to launch a barrage of punishing interest rate hikes.
Slammed by the Fed’s all-out war on inflation, the S&P 500 is down 20% this year, on track for its worst year since 2008. The underperformance of the stock market under Biden matters because many Americans have exposure to stocks, either directly or indirectly in their 401 and pension plans. This year’s selloff has wiped out trillions of dollars from nest eggs, 401 plans and college savings plans. The market turmoil is also denting consumer confidence.
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