On Thursday, December 17th, Joe Biden addressed the nation saying that American’s faced a “winter of severe illness and death.” This sent the stock market plunging the following day. Many media outlets and politicians around the world spent the weekend fearmongering over the omicron variant. This caused stocks to continue falling Monday.
Joe Biden declared that stocks were falling, not because of his own fearmongering over omicron, but because Joe Manchin had pulled out of his Build Back Better [BBB] federal spending legislation. During a press conference Tuesday, Biden said “stock prices went way down,” as a direct result of Manchin declaring he would not vote for the bill.
What Biden failed to mention is that stock prices went up on Tuesday more than they fell on Monday. They also went up Wednesday and again today. If fact, they went way up!
S&P 500 closed at a new all time high.
The New York Stock Exchange Index had it’s best close since November 24th.
The NASDAQ 100 and the Russell 2000 both had their best close since December 8th.
The Dow Jones Industrial Average had its best close since December 10th.
The reality is that the stock market tends to welcome gridlock in Washington, and the primary reason for Monday’s dip was unwarranted fearmongering over omicron.