Ulta Beauty Was The Highest Performing Stock Under President Obama
President Obama did not step into a worry-free America as far as finances were concerned when he was first sworn into office in 2009. In fact, according to CNN Money, the stock market had “bottomed out” that year and has been on the rise ever since. But, you may find it surprising to know that Ulta Beauty had the highest performing stock under Obama, CNBC’s Fast Money points out.
“All three top performing stocks over the course of the past seven or eight years, they were all consumer discretionary. The number one best performing stock in the S&P 500: Ulta Beauty & Salon during the course of that presidency — at least so far,” CNBC’s Fast Money stated. The other two companies to take the top spots were Priceline and Netflix. But, how was Ulta Beauty able to soar above the rest? According to CNN Money, “The returns for DOW, S&P 500 and Nasdaq haven’t been anywhere near this good since the days of President Reagan.” It seems Obama has been giving Americans more spending opportunities.
FactCheck.org points out that more than nine million jobs have been added and the jobless rate has dropped below the historical median under Obama. As of Nov. 2016, the jobless rate was at 4.9 percent, according to the U.S. Bureau of Statistics. Since more jobs equals more money to be spent, that could be part of why Ulta Beauty stock is booming. Apparently when people spend their extra cash, it’s on beauty products at Ulta.
According to Yahoo Finance! shares have soared 50 percent in 2016. “Part of this surge is thanks to its strength in earnings season, as the company has an excellent track record when it comes to beating estimates. In fact, the stock hasn’t missed estimates since late 2012, making for an incredible streak in earnings season.”
Obama's been able to successfully lower the jobless rate and raise the stock market during his presidency, but according to a recent article in CNN Money, that's not to say there still aren't problems with finances in America.
"The biggest flaw in the Obama economy is wages. People are making less money today than they did when the president took office (after adjusting for inflation)," the publication stated. "Labor Secretary Tom Perez, an Obama appointee, calls it the 'unfinished business' of the recovery. The president has advocated for raising the minimum wage. But the problems run deeper than that."
Clearly, there's still work to be done, but when it comes to aiding Americans' finances, it's a work in progress.