Former president Donald Trump On Monday he said the stock market had hit a record high under the presidency Joe Biden it is the result of investor confidence in his potential return to the White House.
What happened: Trump, in a post on his Social Truth platform, said his lead over Biden in November polls is driving the optimistic outlook on Wall Street.
“THIS IS TRUMP’S STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PLANNING THAT I WILL WIN AND THIS WILL MAKE THE MARKET GO UP,” Trump wrote on his Truth Social platform.
Trump’s statement comes amid a tight race between him and Biden in the general election showdown, with Trump leading by an average of 3.8 percentage points, according to a Real Clear Politics poll.
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Despite Trump’s claims, Biden’s campaign team has rejected his claims, saying he is “desperately trying to take credit for the stock market hitting record highs under the Biden presidency.”
Because matter: This isn’t the first time Trump has made statements like this. He has repeatedly predicted a stock market crash if he doesn’t win the presidential election, a sentiment he expressed before the 2020 election and more recently ahead of this month’s Iowa caucuses. He also drew parallels with the former president Herbert Hoover, whose tenure saw the Great Depression despite inheriting a stable economy.
Earlier this month, the former president also said that his victory in the Iowa Caucus had caused a significant decline in Chinese stock markets. Trump’s comments suggest Beijing is concerned about his potential return to the White House.
However, as the 2024 election approaches, Wall Street traders are showing a wave of unease, as demonstrated by the Cboe Volatility Index, Wall Street’s so-called “fear gauge”, which reveals an alarming level of anxiety among traders.
Meanwhile, Biden previously took aim at Trump for his prediction that didn’t come true. Last week, Biden hit record stock market numbers with a tweet that reminded Trump of his pre-election prediction. Trump predicted a “never before seen stock market crash” if Biden won the 2020 election.
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