President Joe Biden has seen historic growth in stocks since winning the election, with markets outperforming the gains of his predecessors going back to Harry Truman.
Since Election Day, the S&P 500 has climbed 26% through Friday, making it the best 220-day stretch for stocks after a presidential election since World War II, according to investment research firm CFRA.
The only administration going back to World War II to come close to Biden’s gains was that of John F. Kennedy, who saw an 18.3% rise in the same time span.
The “Biden boom” is thanks to a recovering economy and massive stimulus from Washington and the Federal Reserve, factors that were underway before Biden took office. That’s continued to help propel the stock market. Another big stimulus package this spring, the COVID-19 vaccine rollout and an infrastructure plan under the Biden administration have also added to investor optimism, analysts say.
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To be sure, presidents don’t have much influence on the stock market. Still, the recent gains typically bode well for Wall Street for the rest of the year, financial experts say.
“Usually if you start the year off strong in the stock market, the question then becomes whether all of the good stuff is behind us? And the answer is we still have something to look forward to,” says Sam Stovall, chief investment strategist at CFRA….