‘Record High NASDAQ! All of this will crash, including your jobs, stocks and 401k if Sleepy who ever becomes president. China and others will own us !!! ‘ –
This is President Trump’s latest stock-market commentary, which is at a record high for the Nasdaq Composite Index and is suggesting a rebound in the overall market from coronovirus-induced lows if former Vice President Joe Biden, presidential Democratic President The candidate for the post, wins 2020 elections will be held on 3 November.
The Nasdaq Composite held an intraday record before Monday.
Trump has consistently credited gains in the US financial markets, which have managed to rebound rapidly since the sinking in February and March due to the most severe epidemic in more than 100 years. It is unclear whether the president has recorded a market boom in recent months, but his business-friendly initiative at the beginning of his presidency was seen as a boon for the stock-market bull.
Those gains reflect the leadership of some of the biggest technology and tech-related companies in those gains. Tech giants like Apple Inc (AAPL) Microsoft Corp (MSFT) Amazon. com (AMZN) Google parent Alphabet Inc (GOOG) (GOOGL) Facebook (FB) and Netflix (NFLX) are among those considered to be more resilient to economic losses from fatal viral outbreaks. Due to his valuable valuations, he has helped the vehicle market-capitalization-weighted indexed rally, including the S&P 500 and Nasdaq Composite.
Indeed, the Nasdaq Composite has risen nearly 60% since its March 23 low, while the S&P 500 Index (SPX) climbed 47% and the Dow Jones Industrial Average (DJIA), which has lower concentrations. Technology-related companies are more value-weighted, climbing 43% in the same period.
Meanwhile, Biden holds an edge over Trump in recent national elections. Biden leads Trump by 7.4 percentage points, 49.4% to 42% in a Real Clear Politics poll.
This is not the first time Trump has claimed that Americans’ investment and retirement savings are at risk with the Biden victory. Earlier last month, he argued that the stock market would “fall down to nothing” if he is not re-elected.
A Biden presidency was seen by some analysts as jeopardizing the uptrends present in the markets, mainly in February and March before the epidemic occurred. According to recent reports, some may be overheated for the Biden Presidency. Strategies at JP Morgan Chase & Co. (JPM) made the case that a win for the former vice president would be “neutral to moderately positive” for the stock.
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