The stock market has lost all the gains it has made since President Joe Biden was sworn in, according to recent data reported by Fortune on Monday.
The S&P 500 suffered a sharp decline, closing Monday 151 points below its January 2021 level. The other two major indexes, the Dow Jones Industrial Average and the Nasdaq Composite fell 876 points and 530 points respectively, both in below their January 2021 level when Biden took office.
The cryptocurrency also took a hit. Bitcoin lost 15% of its value and Ethereum 16%, according to Fortune.
“President Biden once boasted that the stock market was ‘hitting record after record after record under my watch.’ And now?”
KJP: “That is…?”
“All of President Biden’s tenure gains have been wiped out.”
KJP: “Putin’s price hike.
—Ian Miles Cheong (@stillgray) June 13, 2022
Investors face a volatile economy. They don’t know if, and by how much, the Federal Reserve will raise interest rates to counter rising inflation, stoking fears of a recession, The Wall Street Journal reported.
Consumer prices have reached their highest level in over forty years, with the consumer price index (CPI) hitting 8.6% over the past year. (“They Blame Biden”: CNN Reporter Tears Up “Horrible” Economic Polling Numbers)
US Treasury Secretary Janet Yellen, who admitted she was wrong to dismiss inflation fears before, ignored questions about a possible recession in an interview with CNBC on Thursday.
“Don’t count on me to announce it. I’m not going to announce it. I don’t think we’re going to have a recession,” she said.