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Fortune
Fortune
Erik Sherman

The S&P 500 Is at an All Time High—But It Still Performed Far Better Under Obama Than Trump

Obama-Trump-Economy (Credit: Saul Loeb—AFP/Getty Images; Luke Sharrett—Bloomberg via Getty Images)

Before the Fed lowered its target interest rate range on Wednesday, Donald Trump was already on Twitter, touching on two of his favorite topics: how the Fed doesn't lower interest rates enough and that the stock market's performance is thanks to him and his Republican pals.

The connection between a president and equity markets isn't straightforward. Many factors—the general health of the economy, investors sentiment, interest rates, financial stimulus, and global business conditions, for example—affect how stocks perform. But presidents also aren't unimportant.

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