Barack Obama Elected First African American US President On This Day In Market History

Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened? On this day in 2008, Barack Obama was elected the first African American president of the United States.

Where The Market Was: The Dow finished the day at 9,625.28. The S&P 500 finished at 1,005.75.

What Else Was Going On In The World? U.S. President George W. Bush signed the $700-billion Emergency Economic Stabilization Act of 2008. Hollywood writers went on strike, demanding a percentage of revenue for internet content. The average cost of a new car was $27,958.

Obama Elected: In November 2008, Obama defeated challenger John McCain in a historic election that took place in the middle of a financial crisis. Obama was challenged right out of the gates, inheriting an economic disaster created by the subprime mortgage crisis.

Critics argue Obama could have done more to promote economic growth during his two-term tenure in office, but he unquestionably left successor Donald Trump with an economy that was much more healthy than the one Obama inherited in 2008.

In 2008, the U.S. economy lost 296,000 jobs. In Obama’s final year in office in 2016, the U.S. economy gained 195,000 jobs. In 2008, U.S. GDP dropped 0.1%. In 2016, it grew 1.7%. In January 2009, the U.S. unemployment rate was 7.8%. By January 2017, it was down to 4.7%.

In Obama’s eight years in office, the S&P 500 averaged annual returns of 12.4%.

Image by Mike Brice/Pixabay.