Stocks have soared under President Biden, although not by quite as much as they had at the same point in former President Trump's term.

Why it matters: Voters often feel like stock market performance is a gauge of America's economic health, and of presidential policy, even if most economists would disagree.

By the numbers: The S&P 500 climbed 25.9% between Biden's inauguration and Friday's market close, which is the last day of trading in 2023.

• It rose 42.3% during the similar period for Trump, which was shortly before the COVID-19 pandemic sent stocks into a temporary tailspin. Former President Obama topped them both, with an S&P 500 gain of 48.6% during the relevant period.
• The Dow Jones Industrial Average has climbed 21.9% under Biden, whereas it grew 44.6% for Trump. The Nasdaq composite index is up 13.8% under Biden and was up 62% for Trump.

The bottom line: There's still a lot of trading days left before next November.