The victories for President Joe Biden keep adding up heading into next week’s State of the Union address. The American Rescue Plan. The Infrastructure Act of 2021. The Inflation Reduction Act of 2022. As impressive as those accomplishments are, perhaps the most astonishing one is what has happened in the stock market. Yes, the stock market.

Despite dropping into a bear market last year, the S&P 500 Index has gained 24.1% since Election Day in November 2020. What’s remarkable is that under Donald Trump, a president with a reputation for market-friendly policies, the S&P 500’s performance wasn’t much better between Election Day in November 2016 and the same point in his administration, gaining 26.5%. And although the Dow Jones Industrial Average and Nasdaq Composite Index did better under Trump, Biden has him beat on the New York Stock Exchange Composite Index.

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