Joe Biden's welcome by stock markets second only to Ronald Reagan's

Good or just lucky, Joe Biden’s first three weeks in the stock market have been historically solid ones when measured against newly elected presidents of the past.

It’s obviously very early, but the market reality has been the opposite of what Donald Trump predicted for his rival — a crash. Since Election Day, the S&P 500 has surged 7.7 per cent, the second-best gain in 90 years and nearly triple the advance that followed Trump’s 2016 victory. The index has closed at a record three times, and gauges of smaller companies and global assets have hit new highs.

“Markets are looking at