Even as 2020 draws to a close, it seems certain to have a few surprises left up its sleeve. The U.S. stock market just had its worst plunge in 4 months, with the Dow dropping 900 points on Wednesday, October 28.
U.S. investors took their lead from European markets where renewed coronavirus restrictions in Germany and France triggered broad declines. In other years, such catastrophic falls a mere week away from a Presidential election would spell doom for the incumbent.
It seems, though, that the repercussions may not manifest for President Trump.
Best to Worst
Prior to the coronavirus pandemic, the Trump administration had taken the U.S. economy to its strongest performances ever. Despite online CFDs not being approved in the U.S., stock markets consistently hit new record highs while unemployment numbers were at record lows.
Much of that work has been undone by the lockdowns. Even in states where lockdowns have not been imposed, a general aversion to social interaction has devastated businesses. While the dining, hospitality and travel sectors have borne the brunt of these changes, there has been a trickle-down effect right across the board.
The fact that the United States is certainly not alone in facing such devastating statistics is fortunate for the President. Whether the current economic winds have a bearing on a Trump re-election remains to be seen, though.
Myriad Challenges
President Trump’s popularity has weathered everything from the lockdowns, widespread riots and looting, an impeachment attempt and a distinctly hostile media. All throughout, his poll numbers have been remained relatively consistent.
Early voting numbers from states across the country seem to indicate that the enthusiasm for Trump is not lower than when he defeated Hilary Clinton in 2016. The 304-227 landslide has been called the greatest upset in U.S. election history. While 77-year-old Joe Biden seems to be a weaker candidate on the surface, polls show that he is tracking better than Clinton was.
When the polls close on November 3, there will still be two whole months before the end of the year. Who knows what they hold in store?