Nearly 80% of the stock market gains that have accumulated since Donald Trump was elected president have been wiped out by the coronavirus stock plunge, CBS News is reporting.
The S&P 500 is now up just 6% since Trump took the oath of office just over three years ago, according to the network news.
The stock market fell more than 12% on Monday. It was the worst day in more than three decades. The S&P 500 has plunged nearly 30% since setting a record less than a month ago.
On Feb. 19, Trump had tweeted: “Highest Stock Market In History, By Far!”
CBS noted the market is still up since Trump was elected. But since Trump’s tweet, investors in S&P 500 companies and in S&P 500 index funds have seen almost $8.3 trillion of their money disappear. CBS News noted the S&P 500 is now up nearly 15% since Trump became president – an average annual gain of less than 5%.
Meanwhile, Bridge Point GOP Stock Trader ETF, which trades under the ticker symbol MAGA, has dropped 33% since Feb. 19, CBS News said.
Hal Lambert, who heads Bridge Point, said the MAGA fund invests in companies that will benefit GOP policies. But he said it is clear Trump had been responsible for lifting the stock market.
And Lambert said he believes stocks will rebound soon.
“I think stocks will be higher by Election Day,” he said.
Jeffrey Rodack ✉
Jeffrey Rodack, who has nearly a half century in news as a senior editor and city editor for national and local publications, has covered politics for Newsmax for nearly seven years.
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