“The Dow Jones Industrial just closed above 29,000! You are so lucky to have me as your President,” Trump wrote on September 2. “With Joe Hiden’ it would crash.”
Yet no post-election meltdown emerged. If anything, markets melted up as nightmare election scenarios were avoided and investors celebrated coronavirus vaccine breakthroughs from Pfizer and Moderna.
The S&P 500 notched its best election week rally since 1932. And despite a sharp pullback Monday, the Dow soared nearly 12% in November, its best month since January 1987. The S&P 500 and Nasdaq enjoyed their best month since April.
“In terms of Biden being bad for the market, we can already see the opposite is true,” said Daryl Jones, director of research at Hedgeye Risk Management.