Trump Stock Market Plunges Below Level He Inherited From Barack Obama, Erasing Nearly All Gains
The stock market that President Donald Trump has consistently used as a measure of success tumbled below the level he inherited from President Barack Obama as the coronavirus pandemic continues to spook Wall Street, before closing slightly above it.
The Dow Jones Industrial Average was at 19,827 the day President Barack Obama turned the reins of the country over to Trump. That point total represented a more than doubling of the stock market from the day Obama took office, when the Dow was at 7,949.
But on Wednesday, after more than a week of record losses and partial bounce-backs, the Dow Jones Industrial Average spent much of the day below that mark, hitting a session low of 19,147 points. At the last minute, the market “rebounded” to just above the Obama Line to close at 19,904 points.
Trump’s favored demarcation line for bragging about the stock market is Election Day 2016, when the average stood at 18,847. Wednesday’s low just barely missed even artificial line, but every bit of the stock market gains since Trump took office were wiped out — after peaking at nearly 30,000 points just a few weeks ago.
While the raw point total of Trump’s stock market is only now falling below the number Obama left him, the performance of Trump’s stock market versus Obama’s has been lagging all along when percentage increases and decreases are considered.
That tendency to marry his own performance to that of the stock market was again underscored a few days ago when Trump send signed copies of a successful Dow rally to supporters following a Rose Garden press conference that was designed to boost confidence in the government’s response.
But that rally was short-lived, and it is unlikely Trump will be taking a Sharpie to Wednesday’s results anytime soon. As of the close of the stock market Wednesday, Trump has presided over a net gain of 77 points.
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