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Coronavirus batters Trump’s stock market showpiece Featured

Written by  Mar 14, 2020
For three years, U.S. President Donald Trump touted a stunning run-up in the stock market as evidence of his success in the White House. In the space of three weeks of coronavirus crisis, most of those gains have evaporated.

As the coronavirus pandemic spreads fear of a recession, the stock market’s rise under the Republican president, a major part of his case for reelection in November, is now less than half of the gain of his predecessor and rival Barack Obama at the same point in his presidency.

At its peak on Feb. 19, the S&P 500 .SPX was up 58% from when Trump unexpectedly beat Democratic rival Hillary Clinton in November 2016. As of Thursday, Trump’s stock market was up just 17%. The S&P 500 gained 41% in same number of days after Obama was elected president in 2008.

Measuring from Trump’s inauguration on Jan 20, 2017, the S&P 500 is now up less than 10%, compared to a gain of 70% under Obama during the same span of his first term.

Trump, who has repeatedly boasted on Twitter and to reporters of the stock market’s performance in recent years, on Thursday played down the carnage wracking Wall Street.

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