Former President Donald Trump voiced disapproval of the surging stock market, arguing that it primarily benefits the wealthy. During a rally in Reno, Nevada, where he is a leading contender for the 2024 Republican nomination, Trump remarked, “The stock market is making rich people richer.”
Despite the Dow Jones Industrial Average reaching a record high above 37,000 last week, Trump painted a contrasting picture of the national economy, describing it as “descending into a cesspool.” He specifically targeted President Joe Biden, blaming him for what he called a “Biden’s inflation catastrophe,” alleging it is eroding savings and undermining people’s dreams.
Trump’s critical statements align with his potential 2024 campaign strategy, positioning himself to once again face off against Biden. The timing coincides with the upcoming Republican vote in Iowa on January 15, where Trump, despite facing legal challenges and over 90 criminal charges this year, leads his competitors in both state and national polls.
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The significance of Trump’s criticism is underscored by the fact that his tenure witnessed one of the most robust stock market rallies in history. During his first year in office, he claimed credit for a 25% increase in stock market value since his election. However, concerns about the economic impact of a potential Trump return to office have been raised, with figures like Larry Summers warning that his presidency could be “immensely destructive” for the economy.
In premarket trading on Monday, the SPDR S&P 500 ETF Trust SPY rose by 0.20% to $470.28, while the Invesco QQQ ETF QQQ dipped by 0.07% to $404.25, according to data from Benzinga Pro.