Former President Donald Trump He criticized the stock market boom for disproportionately benefiting the wealthy, and he also criticized the president. Joe Biden Regarding the current economic situation.
what happenedTrump, who is the leading contender for the Republican nomination in 2024, said that soaring stock prices are just lining the pockets of the wealthy, Reuters reported.
“The stock market is making the rich even richer,” he said at a rally in Reno, Nevada.
Related article: Wall Street Rise Will Add $5 Trillion in Wealth to U.S. Households — Just in Time for Christmas
The Dow Jones Industrial Average hit a new all-time high last week, surpassing the 37,000 mark, but President Trump has argued that the nation's economy is “in a vicious cycle,” in contrast to recent signs of declining inflation, sluggish wage growth and falling unemployment.
“Biden's inflation catastrophe is destroying your savings and destroying your dreams,” he added. His comments appeared to be geared towards a 2024 election strategy in which he is likely to face off against Biden again.
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The criticism of Trump comes as Republican voters in Iowa prepare to choose their 2024 presidential candidate on Jan. 15. Despite facing legal hurdles and more than 90 criminal charges this year, Trump is leading his GOP rivals in state and national polls.
Why it mattersTrump's criticism comes after his presidency saw the strongest stock market rally in history, with him taking credit for a massive bull market in his first year in office that included a 25% increase in stocks since his election, according to Benzinga.
Compared to previous presidents, President Trump's stock market performance is noteworthy: As detailed in another Benzinga report, President Trump has frequently used the stock market as a barometer for gauging the effectiveness of his policies.
But the possibility of Trump returning to the White House has raised concerns about the future of the economy, with Larry Summers warning that a Trump presidency could be “highly destructive” to the economy.
In premarket trading on Monday, SPDR S&P 500 ETF Trust spy It rose 0.20% to $470.28. Invesco QQQ ETF Hehehe It fell 0.07% to $404.25, according to data from Benzinga Pro.
Read next: US stock futures reel after seven weeks of gains: Analysts predict further gains will pile on to Dow's all-time high
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