The Stock Market Likes Populist Presidents

A picture is worth a thousand words. Take a look at the S&P 500 performance under the last three presidents:

One reason the stock market may like populist (i.e., Democratic) presidents so much is that GDP is driven primarily by consumer spending, and when "the people" (as opposed to "the elites") have spending power, the market expects growth in the economy going forward.

Previously on this topic.