Stock market performance depends more on economic factors than politics
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There is little evidence that the stock market performs significantly better under one political party over the other. Market performance depends more on broader economic factors.
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Presidents have relatively little control over the economy as a whole, so it's hard to attribute stock market performance directly to them.
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Changes in tax policy do not seem to have a major impact on overall stock market performance. Companies tend to adapt to higher tax rates.
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Neither political party has done much to manage the growing national debt recently. This debt financed by foreign countries could be a greater long-term concern.
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Short-term stock market fluctuations around elections are often just temporary reactions. For long-term investors, it's not wise to make major portfolio changes based on election outcomes.