Report: Joe Biden has reversed all stock market gains since taking office

Overall, the U.S. stock market has taken a rough beating over the past few months, especially as inflation rates continue to skyrocket and investors become considerably more risk-averse.

According to Fortune, this week’s Wall Street activity marked a new record — one not favorable to President Joe Biden and his administration. As the market tanked on Monday’s open, all gains in the S&P 500 since the 46th president took office have officially been erased. 

“The market index, on Monday, closed down 151 points at 3,749.84, notably below the 3,798.91 level, which is where it closed on Jan. 19, 2021,” wrote Fortune’s Chris Morris.

Along with hitting a 52-week low, the S&P also formally entered a Bear market, after years of hanging in Bull territory.

The Dow Jones Industrial Average (DJIA) and Nasdaq Composite, along with the crypto market, which was booming as little as a year ago, also closed lower than what the markets were when Biden entered office in Jan. 2021.

The market’s huge drop on Monday, which was nearly as bad as drops seen in the past several weeks, happened in the wake of rumors that the Federal Reserve is set to take aggressive actions to combat the out-of-control inflation crisis.

The latest rumors point to a possible rate hike of 75 basis points this week, which would mark the highest rate hike since 1994.

Drastically raising interest rates is one of the first tools the government uses to combat inflation, but it doesn’t always work as intended, and some economic experts describe rate hikes — especially aggressive ones — as “blunt weapons.”

While most economic experts have agreed that America is set to enter a recession, if it hasn’t already, U.S. Treasury Secretary Janet Yellen denied that was the case when asked recently by a reporter what her thoughts are on the evolving crisis.

“Don’t look to me to announce it. I’m not going to announce it. I don’t think we’re going to have a recession,” Yellen responded during a CNBC interview on Thursday.

The Fed is likely to announce the rate hike on Wednesday, as is customary. Markets will react accordingly.

3 Responses

  1. Obama’s plan! Bankrupt the country, bring us down from the inside! Get the doofus old groper OUT our White House!

  2. Just open up the PIPE LINE and allow for FRACKING on all FEDERAL LAND in all STATES as well as OIL DRILLING in the GULF OF MEXICO, etc.
    Bring back our MANUFACTURER’S and stop shorting our OIL RESERVES for they will be needed in the coming months to come regarding the invasion of TAIWAN by the CCP.
    Stop the Jan.6 charade and concentrate on the problems at hand such as: Shipping hold ups at the various ports of entry, Gasoline/Food/Clothing and sundry items which are over the top and could easily come down should you STOP ILLEGAL MIGRANTS FROM ENTERING OUR COUNTRY AND DISPERSING THEM ALL OVER OUR COUNTRY IN THE MIDDLE OF THE NIGHT SO THAT ALL STATES BECOME BORDER STATES….. DO NOT FUND OVERDUE COLLEGE LOANS……ANOTHER SLAP IN THE FACE OF WE CITIZENS WHO HAVE EITHER BEEN TO COLLEGE OR HAVE NOT BUT ARE FORCED TO PAY FOR THESE NUMBSKULLS!

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