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In the 11 weeks between the Nov. 3 election and Wednesday’s close, the S&P 500 surged a dazzling 14.3%, according to FactSet data.
Looking back historically, the all-time champion for Election Day to Inauguration Day performance had been the one-term Republican President Herbert Hoover, with a 13.3% rally in the S&P 500 index SPX, 0.03% between his Nov. 6, 1928 election and his first day in office. Although Biden has had a hand in the market’s recent advance for the S&P 500, the Dow Jones Industrial Average DJIA, -0.04% and the Nasdaq Composite Index COMP, 0.55% since November, gains also have come amid the rollout of vaccines with high reported efficacy from Pfizer PFE, -0.05% -BioNTech BNTX, +2.13% and Moderna MRNA, +6.26%, helping to bolster hopes for a near-term economic recovery from the epidemic.
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