Biden Wants To Go Tough On Wall Street. The Response? The Best Rally Since FDR

[Judi Lynn]

By DAVID GURA • 12 MINUTES AGO

President Biden wants to raise taxes on corporations and wealthy investors. His top market regulator has promised a tougher approach. And leading Democrats who control Congress are proud adversaries of moguls and money managers.

So, how has the stock market responded?

With a rally that has sent the S&P 500 to an 11% surge in Biden's first 100 days, the best performance by the various versions of the index since Franklin Delano Roosevelt started his first term in 1933, according to an NPR analysis of S&P data.

"The stock market is on fire," says Greg Valliere, Chief U.S. Policy Strategist at AGF Investments. "It has astonished veteran observers, and it may have a ways to go."

So what explains the rally?

For many experts, it boils down to the U.S. economy.

More:
https://www.nepm.org/post/biden-wants-go-tough-wall-street-response-best-rally-fdr#stream/0

[PoindexterOglethorpe]

1. Yep.

This is a classic example of why buying and holding for the long term is by far the best investment strategy.

And why that crazy drop just over a year ago was nothing.