On the eve of his inauguration on Jan. 19, Donald Trump took a bow for the then surging stock market.
“Everyone is calling it the — I don’t want to say this, it’s too braggadocious, but we’ll say it anyway — the Trump effect. It’s you. You’re the effect. Since the election, the stock market has surged,” Trump said.
Trump rings the opening bell on the trading floor of the New York Stock Exchange on Dec. 12, 2024, in New York City. Photo by Spencer Platt/Getty Images.
But in the ensuing three months, the stock market has faltered. The S&P 500 stock average has declined by 5.2% since Trump took office, while the Dow Jones Industrial Average, made up of 30 large corporations, has dropped by 5%, as of closing on May 2.
On Truth Social last week, Trump blamed his predecessor, former President Joe Biden.