Donald Trump loved to trumpet the hot U.S. stock market as a key achievement of his presidency and a measure of economic success. Yesterday, all three major U.S. equity indexes finished at fresh 52-week highs, with the Dow Jones Industrial Average closing at its highest level in nearly two years.

The S&P 500 is just 1 percentage point away from notching an all-time high on a total return basis.

On a price basis, the S&P 500 is about 4% below its all-time closing high reached in January 2022, also reached under Biden.

And the Semiconductor Index, SOX, logged a fresh record closing high on Monday.

By Trump’s preferred economic metric -- the stock market -- the economy has never been better than under Biden's leadership and Biden is best.

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