• Bank of America’s Savita Subramanian says investors aren’t pricing in Biden’s focus on low-earners.
  • Biden has said he plans to raise taxes on wealthier Americans, as well as raise the minimum wage.
  • It’s a shift from former President Donald Trump’s policies, and could impact stocks going forward.

President Donald Trump regularly used the performance of financial markets as a metric of his own success during his four-year tenure at the White House.

For example, even as the economy remained frail and COVID-19 cases spiked, Trump made a spontaneous appearance in the White House briefing room on November 24, 2020 to tout the Dow Jones Industrial Average breaking 30,000 for the first time.

President Biden has so far taken a different approach, following in the footsteps of former President Barack Obama in declining to use the stock market as a primary indicator of economic health, instead focusing on growth for lower-income workers.

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