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The Globe and Mail

Trump is wrong about his ‘unprecedented’ stock-market rally

President Donald Trump listens during a meeting in the Oval Office of the White House on Oct. 10, 2017.

Evan Vucci/The Associated Press

U.S. President Donald Trump wishes the media spent more time focusing on the rally in stocks since he took office. But the "unprecedented" rally since his election isn't yet big enough to crack the top five in U.S. history.

"It would be really nice if the Fake News Media would report the virtually unprecedented Stock Market growth since the election.Need tax cuts," Mr. Trump tweeted Wednesday.

Going by the pace of gains, the 19-per-cent increase in the S&P 500 since Mr. Trump's victory trails Franklin Roosevelt, Bill Clinton, Herbert Hoover, George H.W. Bush and John F. Kennedy.

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His "unprecedented" claim looks less fake when applied to the amount of market value created since Nov. 8, around $4.4-trillion (U.S.). That number may be a record but is also a direct function of the market's overall value at the time of the vote. Wringing $4.4-trillion from a $24-trillion base is easier than doing it from $16.5-trillion, where Barack Obama started in 2012.

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