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Biden Calls S&P 500 Record a ‘Sign of Confidence’ in US Economy

(Bloomberg) -- President Joe Biden touted the S&P 500 index’s record high as a sign of US economic strength, making a rare comment on the stock market after a tough week in his reelection bid that focused attention on his age and mental acuity.

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The S&P 500 topped 5,000 for the first time on Friday, spurred by big-tech stocks and speculation that the Federal Reserve will cut interest rates soon. By contrast, Biden’s week included gaffes in which he mixed up the names of world leaders — and a special counsel’s report said the 81-year-old president showed “diminished faculties and faulty memory.”

Read more: Biden’s Gaffe-Heavy Week Shows Dilemma Over 2024 Media Strategy

Unlike his White House predecessor Donald Trump, Biden tends to avoid highlighting market milestones, even while promoting his economic programs such as infrastructure spending, funding for advanced chipmaking and boosting US manufacturing.

Trump, the front-runner for this year’s Republican presidential nomination, said last month he hopes that if the US economy crashes, it’ll happen during the next 12 months. Biden denounced that remark, saying at a campaign event in Las Vegas on Feb. 4 that Trump was un-American to “root for a crash.”

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