‘RECORD HIGH NASDAQ! It would all collapse, including your jobs, stocks, and 401k if Sleepy Joe ever became president. China and others would own us !!! "
This is President Trump's latest stock market commentary announcing a record high for the Nasdaq Composite Index, suggesting that overall market recovery will be at risk from coronavirus lows if former Vice President Joe Biden, the alleged Democratic presidential candidate, wins the title The 2020 election will take place on November 3.
The Nasdaq Composite had registered an intraday record on Monday.
Trump has consistently recognized the gains in the U.S. financial markets, which have recovered sharply since the February and March slump given the worst pandemic in over 100 years. It is unclear whether or how the president has triggered the market upturn in recent months, but his business-friendly initiatives at the beginning of his presidency were seen as a blessing for bulls in the stock market.
The Nasdaq reflects the leadership of some of the largest technology and technology companies in these profits. Technology giants like Apple Inc.
Google Parents Alphabet Inc.
are among those considered to be more resilient to the economic damage caused by the fatal virus outbreak. Because of their oversized valuations, they have helped push the market-weighted index rally, including the S&P 500 and the Nasdaq Composite.
In fact, the Nasdaq Composite has risen nearly 60% since the March 23 low, while the S&P 500 index
has not shabby 47% and climbed the Dow Jones Industrial Average
The company with a lower concentration of technology companies and a price weighting increased by 43% in the same period.
Recent national surveys show that Biden still has an edge over Trump. Biden leads Trump in the survey average of Real Clear Politics by 7.4 percentage points, 49.4% to 42%.
This is not the first time that Trump has claimed that the Americans' investments and pensions are at risk from a Biden victory. Earlier last month, he argued that the stock market would not "fall on anything" if it were not reelected.
A Biden presidency was viewed by some analysts as one that could jeopardize the upward trend in the markets, especially before the pandemic broke out in February and March. However, according to recent reports, some may be warming up to a Biden presidency. Strategists at JPMorgan Chase & Co.
made the case that a win for the former vice president would be a "neutral to slightly positive" result for stocks.