Dem
51
GOP
49
We almost wrote this up yesterday, because the Dow crept up above 40,000 on Thursday, before closing slightly below. Yesterday, however, it closed above 40,000 for the first time in its 139-year history. The final closing price was 40,003.59, after a fifth consecutive week in which the index was up.
We do not know exactly what impact this will have on the presidential race, but we know it will have some, presuming it stays about 40,000 for an extended period. We certainly know that a stronger stock market does not mean more wealth for everyone, but it does mean more wealth for some. In particular, upper-middle class suburbanites who are with the Democrats on social issues but with the Republicans on taxes and economics, are likely to notice that their IRAs, 401(k)s, and stock portfolios are doing especially well under Biden and might decide he is worth keeping. It's also a great soundbite, thanks to round number bias. 40,000 is not meaningfully different from 39,995, but it FEELS like it is. (Z)