The S&P 500 has lost all of its gains since President Joe Biden took office in 2021.
The market index fell 3.88 percent to 3,749.63, dropping below the 3,798.91 level when it closed on Jan. 19, 2021. The drop put the S&P back into the bear market territory.
The two other major stock market exchanges, Dow Jones Industrial Average and Nasdaq Composite, have already fallen below the pre-inauguration levels. The Dow closed at 30,516.74 on Monday, but it was 31,188.38 on Biden’s inauguration day. Meanwhile, the Nasdaq closed at 10,809.23 on Monday, well below the 13,457.25 level when Biden took office.
Biden was “really aware” of the recent poor stock market performance, White House press secretary Karine Jean-Pierre said during a briefing on June 13, when she asked to comment how “all the gains from President Biden’s time in office have been wiped out.”…