CNN recently took a deep dive into how the US stock market has performed during Donald Trump’s second term as US President. The broadcaster’s analysts were quoted as saying the market has been “up like a rocket” during Trump’s presidency, praising its performance.

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As of April 2026, during his second term, the stock market under President Trump has shown high volatility but maintained an upward trajectory, with the S&P 500 advancing 17.8% through his first 317 trading days, mirroring his first-term performance. Major indices like the Nasdaq and S&P 500 hit record highs in early 2026. Further, the US-Iran war appears to be near the end, which is presently fueling the market higher.

The S&P and Nasdaq have rallied more than 12% and 18%, respectively, since their recent nadirs on March 30. The S&P is now up nearly 4% since the war began, while the Nasdaq is up nearly 9%. Meanwhile, thanks to the turmoil of the war, Brent crude has climbed back above $100 per barrel, and the Strait of Hormuz remains closed.

Per CNN, specifically since his inauguration, as of April 23, Trump’s second term has seen the S&P 500 climb as much as 19%, beating out the average gain of the index compared to previous presidencies for the same length of time. Since 2001, the S&P has gained an average of 15% from inauguration day to April 23 the following year. For Trump, the gain is 19%, with his first presidency during that time frame also beating out the average since ’01.

Consumer demand still gives the stock market under President Trump an important base of support. U.S. consumer spending rose 5.3% year over year through February, incomes rose 3.7%, and economists still expect about 2.2% real economic growth in 2026, comparable to 2025’s growth rate. Those figures show that households continue to spend even as higher energy prices and policy uncertainty create pressure. High-frequency data, such as Johnson Redbook weekly retail sales and Fiserv’s point-of-sales data, validate strong spending growth, rising 6.9% year-over-year through early April and the end of March, respectively.

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Furthermore, Tax relief and lower interest rates have also helped support growth. The One Big Beautiful Bill Act lowered corporate and individual taxes, and federal tax refunds were running approximately $40 billion higher than in 2025 through April 17. Earlier Federal Reserve rate cuts also helped support borrowing and spending, which gave investors another reason to stay constructive.

While the stock market is indeed up since he took office, the hurdles along the way have heavily impacted the US economy and its citizens. With oil prices up, everyday Americans have seen their gas prices surge, and goods become more expensive due to the tariff threats that took place most of last year. Further, Trump’s approval rates remain low, seemingly revealing that even a booming market hasn’t helped Trump appeal to the US population since he returned to the White House.

Source: Watcher Guru