what was the stock market when obama left office

U.S. stock market at the end of Barack Obama’s presidency

Quick answer: The query "what was the stock market when obama left office" refers to the closing or commonly cited index levels around January 20, 2017. Major U.S. indexes — the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite — were all substantially higher than their 2009 lows, reflecting a long bull market through Obama’s two terms. This article summarizes the end-of-term index values, the market’s overall performance between early 2009 and January 2017, key milestones, primary drivers behind the rally, index-by-index detail, and data-source notes so readers can verify the figures.

Lead summary

The question "what was the stock market when obama left office" is commonly asked by investors and researchers who want an immediate snapshot of U.S. equity performance at the transition on January 20, 2017. As of that date, major indexes were near these commonly cited ranges: the Dow roughly 19,700–19,800, the S&P 500 roughly 2,260–2,280, and the Nasdaq Composite roughly 5,500–5,600 (exact values vary by whether one uses the inauguration-day close, month-end close, or last trading day before the transition). Across President Obama’s two terms the stock market experienced a sustained multi-year bull market from the March 2009 trough, producing large cumulative gains (Dow gains often cited near 140%–150% from the March 2009 low to early 2017) and solid annualized returns for major indexes.

Note: this article treats the question "what was the stock market when obama left office" as a historical data question about U.S. equity indexes, not a commentary on politics. Figures below are attributed to public market‑data sources and financial coverage.

Key index values on January 20, 2017

The specific numbers reported for the question "what was the stock market when obama left office" depend on the exact reference point used (inauguration-day close, prior trading-day close, or month-end). The commonly cited end-of-term ranges are summarized here with source attributions and caveats.

• As of Jan 20, 2017, according to MarketRealist and contemporaneous market reporting, the Dow Jones Industrial Average was reported in the roughly 19,700–19,800 range. (Source reporting dates and precise close depend on whether the reference is the market close on Jan 20 or the last trading session before that date.)

• As of Jan 20, 2017, widely reported S&P 500 values are in the neighborhood of 2,260–2,280 for the index close around the inauguration date. Different outlets cite slightly different exact closes depending on the day used for the snapshot.

• As of Jan 20, 2017, Nasdaq Composite values are commonly reported around the mid‑5,000s (roughly 5,500–5,600) for the index close near the transition.

Caveat: historical index data sources (exchange closes, vendor feeds, or end‑of‑month summaries) may give slightly different last‑trade or closing figures. When answering "what was the stock market when obama left office" many analysts prefer a simple range plus an explicit citation (see References). For precise one‑minute or one‑second closes, consult historical intraday feeds from market-data vendors.

Market performance over the Obama presidency (2009–2017)

When people ask "what was the stock market when obama left office," they are often also asking how much the market rose during his presidency. The broad picture:

• The U.S. equity market bottomed in March 2009 after the 2008–2009 financial crisis. From that trough through January 2017, major indexes recorded large cumulative gains.

• The Dow Jones Industrial Average rose roughly 140%–150% from its March 2009 low to the end of Obama’s term, according to retrospective market summaries and index histories. As of contemporaneous reporting, analysts cited this multi-year rise as one of the defining features of the period.

• The S&P 500 and Nasdaq Composite recorded similar or larger cumulative gains over the same period, with the S&P 500 producing strong total returns and the Nasdaq benefiting from outsized gains in technology and growth names.

• Annualized returns: across most multi-year observers’ summaries, annualized returns for major U.S. indexes over the 2009–2017 window were in the low‑to‑mid teens (percentage points) for the S&P 500 and for the Nasdaq, depending on whether dividends are included and the exact start/end dates used.

These high-level performance figures provide a direct answer to the core query "what was the stock market when obama left office" by placing final index levels in the context of the post‑crisis rally.

Timeline of major market milestones

A concise chronological list of important market dates and milestones during 2009–2017 that help answer "what was the stock market when obama left office":

• March 9, 2009: Market trough after the financial crisis. The Dow hit a low near 6,500 and the S&P 500 hit a low near 676. (These values are widely reported as the cyclical low.)
• 2009–2010: Early recovery driven by policy support and earnings stabilization.
• 2010–2012: Gradual recovery with intermittent volatility (flash corrections, Europe sovereign‑debt fears) but an overall upward trend.
• 2012–2014: Markets continued to climb as corporate earnings recovered and risk appetite returned.
• 2013–2014: The Dow crossed and held above 15,000; the S&P 500 passed 1,800 and moved higher.
• 2015–2016: Periods of volatility (commodity and growth concerns) followed by renewed gains.
• Late 2016: The indexes rallied into year‑end 2016 and into January 2017, giving the market the levels commonly cited when answering "what was the stock market when obama left office." For example, the Dow passing high‑19,000 levels was reported in late 2016 and early 2017.

Primary drivers of the market rally under Obama

Understanding "what was the stock market when obama left office" is incomplete without describing the main factors credited with supporting the multi-year equity rally. Analysts commonly point to four broad drivers:

• Federal Reserve monetary policy: near‑zero short‑term interest rates and multiple rounds of quantitative easing (QE) expanded liquidity and lowered yields on safe assets, encouraging investors to allocate to equities.

• Fiscal and stabilization measures: early‑term stimulus measures and bank stabilization steps reduced the risk of a repeat financial collapse and supported economic recovery.

• Corporate earnings recovery and balance‑sheet repair: after steep losses in 2008–2009, corporate profits recovered, balance sheets improved, and firms resumed capital allocation to shareholders (dividends and buybacks), supporting equity valuations.

• Sector leadership, especially technology and large‑cap growth names, which delivered strong revenue and profit growth and consequently drove broader index performance.

These factors together explain much of the run‑up that answers the question "what was the stock market when obama left office." Below we summarize the monetary and fiscal roles more specifically.

Role of monetary policy

The Federal Reserve’s policy normalization path was gradual and carefully communicated. Key elements that contributed to the long equity market advance include:

• Near‑zero federal funds rate policy that lasted for several years after 2009, reducing returns on cash and encouraging higher allocations to risk assets.
• Large‑scale asset purchases (quantitative easing programs) that injected liquidity into financial markets, compressed bond yields, and helped lower borrowing costs.
• Forward guidance and communication that reduced policy uncertainty and supported risk taking once economic indicators stabilized.

Most market analysts attribute a significant portion of the post‑2009 equity rally to the combination of lower policy rates and QE, which affected discount rates and asset valuations.

Fiscal and regulatory factors

Early fiscal stimulus and financial‑sector stabilization measures in 2009 helped arrest economic contraction and supported the lending environment. Additional regulatory changes — notably large‑scale financial regulation reform enacted after the crisis — changed incentives and the operating environment for banks and large financial institutions; over time, these changes helped stabilize the financial system and allowed credit flows to normalize.

It is important to note that fiscal policy and regulation interact with monetary policy and private‑sector dynamics; none act in isolation when answering "what was the stock market when obama left office."

Sector contributions

The rally was not uniform across all sectors. Key contributors to index gains included:

• Technology: strong revenue and profit growth from major technology companies drove a large share of gains, particularly in the Nasdaq and in the large‑cap segment of the S&P 500.
• Financials: after initial stress in 2008–2009, financials contributed to later gains as balance sheets were repaired and lending activity improved.
• Consumer discretionary and health care also contributed, though sector leadership shifted at times depending on macro conditions and rotation between growth and value.

Index-by-index detail

Below are focused summaries for each major index to directly address "what was the stock market when obama left office" with index‑level context.

Dow Jones Industrial Average

• The Dow reached a cyclical low in March 2009 near the mid‑6,000s and climbed steadily thereafter. By the time of the presidential transition in January 2017, the Dow was commonly reported in the roughly 19,700–19,800 range, reflecting roughly a 140%–150% cumulative rise from the March 2009 low through the end of the Obama presidency. (Sources: MarketRealist; historical index data.)

• As with all index figures, exact percentage gains can differ slightly depending on the precise start and end dates chosen (e.g., intraday low vs. close, inauguration‑day close vs. month‑end close).

S&P 500

• The S&P 500 had its low near 676 on March 9, 2009, and recovered steadily during the next eight years. By January 2017, the S&P 500 was commonly reported in the low‑ to mid‑2,200s (roughly 2,260–2,280) for the index close near the transition, translating into strong cumulative and annualized returns.

• Analysts often focus on total return (including dividends) when assessing real investor outcomes; including dividends increases cumulative and annualized returns compared with price‑only measures.

Nasdaq Composite

• The Nasdaq Composite, more concentrated in technology and growth stocks, experienced particularly large percentage gains from the 2009 low through January 2017. Nasdaq values near the transition are commonly cited in the mid‑to‑high 5,000s (roughly 5,500–5,600), reflecting its strong outperformance relative to the Dow and S&P in that cycle.

• The tech sector’s growth in cloud, mobile, and other secular areas was a major contributor to the Nasdaq’s strong performance.

Comparison with previous administrations

When answering "what was the stock market when obama left office," some readers want to contextualize the performance relative to past presidents. A few neutral points:

• The cumulative market gains during Obama’s tenure (measured from the March 2009 low through January 2017) are large by historical standards because the recovery began from a deep crisis trough.

• Comparisons across presidential terms are sensitive to the choice of start and end dates. For example, measuring from inauguration day to inauguration day or from market troughs and peaks can produce different rankings.

• Historically, other presidencies also saw sizable market advances (for instance, strong equity returns during the 1990s under President Clinton and during the 1980s under President Reagan), but the post‑2009 recovery is distinctive because it followed a systemic financial crisis.

Analysts therefore caution that while headline comparisons are common, attributing market performance to any single factor — including presidential policy — is methodologically fraught.

Criticisms and alternative interpretations

A balanced answer to the question "what was the stock market when obama left office" should also present critical perspectives:

• Attribution caution: Many economists and market analysts emphasize that the Federal Reserve’s accommodative monetary policy and a global stabilization of financial markets were major drivers. As a result, attributing the entire rally to presidential policy risks overstatement.

• Distributional questions: Strong stock‑market gains do not automatically translate into broad‑based economic benefits for all households. Wealth concentration means market gains tended to benefit asset holders more than non‑holders, raising questions about distributional outcomes.

• Structural and sectoral shifts: Acknowledging the disproportionate role of large technology firms is important; sector concentration means index performance can be heavily influenced by a handful of companies.

These caveats are crucial context when interpreting the simple numeric answer to "what was the stock market when obama left office."

Transition effects and immediate post‑term market behavior

Market behavior immediately around the presidential transition in January 2017 showed continuity in the bull market. Late‑2016 gains — which some commentators described as a market rally in response to anticipated policy changes — carried into early 2017. Short‑term volatility around political transitions is common, but the underlying bull market continued for a period after the transition.

Analysts seeking to answer "what was the stock market when obama left office" often extend the view forward several months to show the market’s short‑term reaction to the transition and to separate inauguration‑day noise from longer‑term trends.

Data sources and methodology

Reliable answers to "what was the stock market when obama left office" rely on clear definitions and sources. Key methodological notes:

• Index values: the article uses commonly cited close ranges from major historical data providers (exchange official closes and aggregators). Exact close values vary with the reference (inauguration‑day close vs. prior trading day vs. month‑end).

• Percent change calculations: cumulative percent change is sensitive to the choice of start and end points (e.g., March 9, 2009 low vs. January 20, 2017 close). Annualized return calculations further depend on whether one uses price returns or total returns (including dividends).

• Data vendors and public reporting: commonly used vendors and archives include Macrotrends for long‑term index charts, contemporaneous financial press coverage (e.g., MarketRealist, CNN/Money), and Investopedia for background on index and inauguration metrics.

• Reporting dates: to ensure clarity, reference numbers in this article are tied to the date ranges and cited sources listed in the References section. For example: "As of Jan 20, 2017, according to MarketRealist, ..." or "As of access date June 1, 2024, Macrotrends shows ..." Readers who require exact closed‑minute values should consult historical exchange‑level data.

See also

• 2008–2009 financial crisis and market bottom
• Federal Reserve quantitative easing programs (QE1, QE2, QE3)
• Presidential impact on markets: methodological issues
• Stock market performance by president (historical comparisons)

References

• "What was the Dow Jones When Obama Left Office?" — MarketRealist. (Reported Jan 2017.)
• "Obama's Track Record on the Stock Market" — CNN / Money. (Coverage in Jan 2017.)
• "Stock Market at Inauguration and Historical Context" — Investopedia. (Reference material on index levels at inaugurations; reported Jan 2017.)
• "S&P 500 Historical Chart" — Macrotrends. (Historical index data; accessed June 1, 2024.)
• "How Much the Stock Market Rose Under Obama" — Money.com. (Analysis published Jan 2017.)

(Reporting date notes: As of Jan 20, 2017, according to contemporaneous reporting summarized in MarketRealist and CNN/Money, the Dow was commonly reported in the roughly 19,700–19,800 range and the S&P 500 and Nasdaq in the ranges cited above. As of June 1, 2024, Macrotrends’ historical charts confirm these historical index‑level ranges when using standard close data.)

Practical note for readers

If your interest in "what was the stock market when obama left office" is part of a broader investing or research plan, keep in mind:

• Historical index levels are datapoints, not investment advice. Past performance is not predictive of future results.
• If you are researching how macro policy and market structure interact, consult primary data sources and academic or policy research in addition to press summaries.

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Further reading and verification: consult the listed References and, for exact historical closes, use exchange historical data feeds or trusted market‑data vendors.