Former President Donald Trump said stock market gains are the result of investors betting he will beat President Joe Biden in the 2024 presidential election.
  • Former President Donald Trump tried to take credit for the stock market’s gains under President Joe Biden.
  • Trump claimed that investors are betting he will win the 2024 presidential election.
  • Key stock market indexes have hit record highs this year, while a series of positive economic developments have tamped down fears of a recession.

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Former President Donald Trump on Monday admitted that the stock market is 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 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 evidence to back up the claim that investors are buying into the stock market now in anticipation that the Republican ex-president will 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 swelled to 38,000 for the first time Jan. 22, marking a 1,000-point jump in just 40 days. The S&P 500 hit a record high Jan. 19, which confirmed a new bull market.

    • Fuzzy_Dunlop@lemm.ee
      281·
      10 months ago

      Not for me. After nearly 20 years in retail, I can safely say that at least half the people out there are dumbasses. I’m sure that they’d vote for one of their kind.

    • Asafum@feddit.nl
      1·
      10 months ago

      Not when you consider the people that are voting for him consume very specific propaganda that paints him as the perfect saint, self-made business man and paint his opposition as literal baby murderers and psychotic gender crazy karens. To them it’s absolutely rational and anything bad he ever did or said didn’t actually happen, it’s just “liberal media” lying.

      I hate that there are multiple versions of “reality”…

  • Rapidcreek@lemmy.world
    37·
    10 months ago

    Same old playbook. He did the same thing before.

    If my math is right, the Dow was 30,000 shortly after Biden was elected and Trump took credit for it and now it’s 38,000, over a 21% increase in just over 3 years. That’s huge, especially with taming of inflation.

    • Deceptichum@kbin.social
      305·
      10 months ago

      So that translates to a 21% increase for the people right?

      Stock markets and GDP are so detached from what people go through these days that I wonder why anyone gives a shit if they go up.

  • doctorcrimson@lemmy.today
    30·
    10 months ago

    So correct me if I’m wrong but Trump believes:

    1. The stock market at the beginning of the Trump Admin was good because of Trump

    2. The stock market at the end of the Trump Admin was bad because of Obama

    3. The stock market at the start of the Biden Admin was bad because of Biden

    4. The stock market at the end of the Biden Admin was good because of Trump

    Is that right?

  • DogPeePoo@lemm.ee
    16·
    10 months ago

    The only thing I am betting is that Trump continues to shit his diaper and remains obese.

  • frezik@midwest.social
    5·
    10 months ago

    You know what I read when I look at typical stock market analysis? It’s “this company’s new product is clearly going to fail and their stock is overvalued”, or “this company had financial struggles, but is digging out of it and is undervalued”.

    You know what I never read when I look at typical stock market analysis? “This company will succeed if Trump is in office”.

  • DarkDecay@lemmy.worldEnglish
    2·
    10 months ago

    Lmao hes just an old dementia patient screeching at clouds to me now. Diaper don is cracking under the financial and legal pressure, and it’s glorious

  • jordanlund@lemmy.worldM
    54·
    10 months ago

    When Trump took office on 1/20/2017, the Dow declined 0.4%, to close at 19,732.40.

    When Biden was sworn in on 1/20/2021, the Dow rose 0.4% closing at 30,930.52.

    So over Trump’s 4 years, that’s a net gain of 11,198.12.

    As of today, the Dow is up 0.59% to 38,333.45. Or a net gain of 7,402.93 with 11 months left in Biden’s first term.

    By point of comparison:

    Obama 1: 7,949.09 to 13,649.70
    Obama 2: 13,649.70 to 19,732.40

    • Dianoga@lemm.eeEnglish
      8·
      10 months ago

      I usually figure there is about a year at the beginning of each term that is still the result of the previous administration. I’m curious how that would change the numbers here (though not yet curious enough to look it up).

      Also, those numbers do a really good job of highlighting just how unrelated the market and the buying power of individuals really is.

      • Rapidcreek@lemmy.world
        31·
        10 months ago

        In addition, Congress usually passes a government budget before their Christmas break. That results in a new Presdent working from the past President’s budget their first year.

    • Fal@yiffit.netEnglish
      2·
      10 months ago

      Why are you using inauguration date? That’s totally meaningless. The day after election night would be a better indicator

      • frezik@midwest.social
        1·
        10 months ago

        It’s silly either way. For first term Presidents, none of their policies could have come into effect yet. It’s based entirely on what the stock market thinks is going to happen, which is too nebulous to be useful.

  • PatFusty@lemm.ee
    415·
    10 months ago

    What’s funny is that he might be right. MACD indicator is showing a reversal right now so if I were a betting man (which I am), I would buy some bearish positions (which I did)