President Donald Trump, who repeatedly warned that the stock market would plummet if he lost the election, took credit on Tuesday as the Dow Jones Industrial Average surpassed the 30,000 mark for the first time.
Stocks climbed for the second day in a row. On Monday, Trump had announced that his administration would cooperate with President-elect Joe Biden’s transition team, after blocking them for more than two weeks. Biden also began announcing his Cabinet picks. The Wall Street Journal reported that the winding up of election uncertainty, coupled with promising potential coronavirus vaccines, appeared to boost investor confidence in an economic recovery.
In a one-minute White House press conference Tuesday, Trump praised his administration for getting to the “sacred” 30,000 number, citing the vaccine progress, but did not mention that the presidential transition was in motion.
Two of his children, Ivanka and Eric Trump, celebrated the stock market high on Twitter. But other users of the platform were baffled by the president’s readiness to pat himself on the back.
Critics quickly threw back to the final presidential debate in October, when Trump predicted without evidence that if Biden were elected, “the stock market will crash.”
Others nodded to 2016, when Trump and multiple commentators attributed any market gains post-Election Day to his victory.
Trump has repeatedly insisted that the stock market’s performance under his leadership should be judged not from the day of his January 2017 inauguration, but instead from the date of his election the previous November. Last year he claimed the market soared in that period “due to the euphoria of getting Obama/Biden OUT.”
Some critics speculated that the markets got a bump in anticipation of more stable leadership amid the COVID-19 pandemic:
But most emphatically, commentators were disgusted that the stock market numbers were the ones Trump was willing to take credit for, even as the nation sets records in daily new coronavirus cases, hospitalizations and deaths, and many Americans not invested in stocks suffer economic distress awaiting a pandemic relief package that still hasn’t come.