The stock market has lost all the gains it made since President Joe Biden was sworn into office, according to recent data reported by Fortune on Monday.
The S&P 500 took a sharp downturn, closing on Monday 151 points below where it was in January of 2021.
The other two major indexes, the Dow Jones Industrial Average and Nasdaq Composite fell by 876 points and 530 points respectively, both below where they were when Biden took office.
Cryptocurrency has also taken a hit. Bitcoin lost 15% of its value, and Ethereum lost 16%, according to Fortune.
"President Biden once bragged about the stock market 'hitting record after record after record on my watch.' How about now?"
"All the gains from President Biden's time in office have been wiped out."
KJP: “Putin’s price hike.”
— Ian Miles Cheong (@stillgray) June 13, 2022
Investors are contending with a volatile economy. They are uncertain if, and by how much, the Federal Reserve will raise interest rates to counteract rising inflation, stoking fears of a recession, the Wall Street Journal reported.
Consumers prices reached their highest point in over forty years, as the Consumer Price Index (CPI) rose to 8.6% over the last year.
U.S. Treasury Secretary Janet Yellen, who has admitted that she was wrong to dismiss fears about inflation before, shrugged off questions about a potential recession in an interview with CNBC Thursday.
“Don’t look to me to announce it. I’m not going to announce it. I don’t think we’re going to have a recession,” she said.