Trump is trying to take credit for record stock market highs under Biden

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Former President Donald Trump leaves a press conference at 40 Wall Street on January 17, 2024 in New York City. Trump held a press conference after leaving the second day of the defamation trial involving E. Jean Carroll.

Alexei J. Rosenfeld | Getty Images News | Getty Images

Former President Donald Trump acknowledged Monday that the stock market is rising under his successor, President Joe Biden — but Trump is still trying to take credit for it.

“This is the Trump stock market,” Trump claimed in his sweeping social truth message mail“Because my polls against Biden are so good that investors are predicting that I will win, and that will push the market higher.”

Trump did not mention any evidence to support the claim that investors are buying in the stock market now in anticipation of the former Republican president’s victory over the current Democratic president in the elections that will be held in approximately 10 months.

Trump’s spokesman did not immediately respond when asked if he could provide sources to support Trump’s claim.

The Dow Jones Industrial Average rose to 38,000 points for the first time on January 22, marking a 1,000-point jump in just 40 days. The S&P 500 hit a record high on January 19, confirming the existence of a new bull market.

“Everything else is terrible (watch the Middle East!), and record inflation has already taken its toll. MAKE AMERICA GREAT AGAIN!!!” Trump wrote in the same post.

National polls tend to show a close race between Trump and Biden, although some recent polls, such as one last week Reuters/Ipsosshowed Trump leading by a few points.

Trump, who left the White House after losing to Biden in 2020, is now the front-runner for the 2024 Republican Party nomination.

Before the 2020 election, Trump claimed that the stock market would collapse if Biden took office. Earlier this month, Trump made almost the same claim about the 2024 election.

“I think there will be a collapse if I don’t win,” Trump said in a town hall on Fox News on January 10.

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But the Biden-induced collapse that Trump predicted never happened. Despite widespread expectations of a recession caused by the Federal Reserve raising interest rates to quell runaway inflation, the US economy in 2023 avoided a severe economic contraction.

Now, some economists are considering the possibility that the economy is performing so well that it might even avoid a “soft landing” scenario. These rosy forecasts come in the wake of a series of positive economic developments.

The latest jobs report showed a strong increase in hiring and a better-than-expected rise in earnings in December while the unemployment rate remained low.

GDP, the main measure of economic growth, rose 3.3% in the last three months of 2023, a much faster pace than expected.

Inflation, which has dogged Biden and dragged down his poll numbers throughout his presidency, is showing more signs of slowing, although prices remain high.

This article originally appeared on www.cnbc.com

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