Executive Summary: Since the November 5, 2024, presidential election, the U.S. stock market has navigated trade policy shifts, fluctuating tariff structures, and shifting interest rate expectations. Despite a sharp ~20% drawdown in early 2025, the S&P 500 generated a total return of 36.0% through September 2026, according to performance tracking from U.S. Bank Wealth Management.

While headline figures show strong market resilience, understanding how this performance ranks against modern predecessors—including Joe Biden, Barack Obama, Bill Clinton, and Ronald Reagan—requires examining underlying corporate earnings, market breadth, and Federal Reserve policy dynamics.

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Historical Benchmark: S&P 500 Returns Across Modern Administrations

To accurately compare presidential stock market records, performance must be evaluated across full 4-year terms alongside cumulative mid-term benchmarks. Historical index data compiled by S&P Dow Jones Indices and analyzed by Schroders Investment Management shows that markets have historically trended upward regardless of party affiliation, averaging an annual total return of over 12% since 1946.

Administration & Term	Period	S&P 500 Total Return (4-Year)	Cumulative 22-Mo. Benchmark	Primary Market Driver / Context
Ronald Reagan (Term 2)	1985–1988	+91.8%	+32.4%	Post-inflation recovery & 1980s tax restructuring
Bill Clinton (Term 1)	1993–1996	+88.6%	+21.2%	Early tech adoption & productivity boom
Bill Clinton (Term 2)	1997–2000	+88.6%	+48.1%	Dot-com expansion
Barack Obama (Term 1)	2009–2012	+85.1%	+41.5%	Post-Global Financial Crisis market rebound
Donald Trump (Term 1)	2017–2020	+81.3%	+24.8%	Tax Cuts and Jobs Act of 2017 & deregulation
Joe Biden	2021–2024	+66.3%	+18.4%	Post-pandemic stimulus & Tech/AI mega-cap surge
Barack Obama (Term 2)	2013–2016	+52.9%	+28.6%	Steady economic expansion & low interest rates
Donald Trump (Term 2)	2025–2026 (In Progress)	N/A	+36.0%	Corporate earnings growth, domestic energy, & tech resilience

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Core Drivers of the 2025–2026 Equity Rally

1. Fundamental Earnings Growth Beat Expectations

Unlike market cycles driven purely by price-to-earnings (P/E) valuation expansion, the equity gains during 2025 and 2026 have been anchored in corporate earnings execution. S&P 500 second-quarter revenue grew over 16% year-over-year, while quarterly earnings surged 53%, more than doubling initial Wall Street forecasts. Third-quarter projections compiled by research teams at Bloomberg indicate sustained top-line revenue growth near 12% and earnings growth of 28%.

2. Market Rotation and Small-Cap Expansion

A notable divergence in Trump’s second term compared to earlier cycles is the broadening of market participation beyond mega-cap technology companies (“The Magnificent Seven”):

• Small-Cap Performance: The Russell 2000 and broader small-cap indices surged 60%+ from their April 2025 lows through September 2026.
• Sector Diversification: Financials, domestic industrials, and energy sectors saw accelerated inflows following regulatory easing and domestic energy development policies.

3. Institutional Volatility and Unprecedented Portfolio Activity

The market landscape in 2025 and 2026 has been marked by high policy-driven volatility. Disclosures analyzed by CBS News Financial Analysis and reporting from Reuters revealed unprecedented trading volume within executive investment accounts, executing thousands of transactions across defense, technology, real estate, and energy sectors during key legislative shifts.

Macro Economic Headwinds: Rates, Debt, and Inflation

While stock indices sit near historic highs, structural macroeconomic challenges remain. Here is a snapshot of the current macroeconomic realities:

• Elevated Federal Debt Costs: Data from the Federal Reserve Bank of St. Louis (FRED) highlights that the average interest rate on marketable U.S. Treasury debt climbed to 3.44%, compared to 1.42% in 2022. This elevation increases federal debt service obligations as maturing Treasury notes are refinanced at higher prevailing yields.
• Consumer Spending Shifts: Retail sales grew 5.0% year-over-year, though monthly momentum slowed. Wage growth at 3.2% provides ongoing income expansion but remains closely balanced against cumulative consumer price levels.

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Analytical Summary: Wall Street vs. White House Context

Historical market analysis published by Morgan Stanley demonstrates that political leadership is only one of many variables driving long-term equity returns. Key takeaways for investors include:

1. Policy vs. Fundamentals: Short-term market swings frequently respond to trade declarations, tariffs, and executive actions, but multi-year equity performance remains dictated by corporate earnings, cash flows, and monetary policy.
2. Divided Government Advantages: Historically, markets under both Democratic and Republican presidents have posted above-average gains during periods of divided congressional control, which tends to limit radical fiscal shifts.
3. Portfolio Discipline: Rebalancing asset allocations and maintaining broad sector diversification remains the primary protection against political and geopolitical market cycles.

What are your thoughts on the market’s response to recent trade policies? Share your perspective in the comments below, or check out our detailed breakdown of sector-by-sector performance in 2026.

Crypto used to mean opening an account at a separate exchange. Now major brokerages let you hold Bitcoin next to your stocks and retirement funds.

Fidelity is one of the most prominent examples. This guide compares its crypto offering with other ways to invest and shows who each fits.

Key Takeaways

• Fees: Fidelity advertises no commissions, but charges a 1% trading fee, with no account opening or custody fee. Koinly
• Two ways in: You can buy coins directly or hold spot crypto funds in a regular brokerage account.
• Best for: Long-term investors who want simplicity and a trusted brand.
• Not for: Active traders who want low fees and many coins.
• Separate account: Crypto trading requires a distinct crypto account.

How Fidelity Crypto Works

Fidelity offers direct crypto trading through a dedicated account. It requires opening a crypto account separate from your main brokerage account. Myfirstbroker

The coin list is small compared with dedicated exchanges. Users can hold Bitcoin, Ether, Litecoin and Solana. Check the current list in the app before you commit. Koinly

Spot Crypto Funds Inside a Brokerage Account

Fidelity also offers spot crypto exchange-traded products: FBTC for Bitcoin, FETH for Ether and FSOL for Solana. Koinly

These trade like stocks in a normal account. You pay each fund’s annual expense ratio instead of the trading fee. You do not hold the coins yourself.

Fidelity Crypto Fees Explained

The 1% fee is the most important number to understand.

Trades before December 4, 2025 showed no separate fee because the 1% was built into the price as a spread. Newer trades show the fee on the confirmation. Fidelity

On a $1,000 Bitcoin purchase, expect roughly $10 in fees. A round trip, buying and later selling, costs about 2%.

That is fine for a buy-and-hold investor. It adds up fast for frequent traders. BrokerChooser notes the fees are high and that better options exist. BrokerChooser

Fidelity Crypto vs. Other Options

The table compares the main routes to crypto exposure. Fee levels vary by provider, so verify current pricing.

Feature	Fidelity Crypto	Spot Crypto ETF	Dedicated Exchange
Own the coins	Yes	No	Yes
Trading cost	1%	Expense ratio	Often lower, tiered
Coin variety	Small	Limited	Very wide
Retirement accounts	Crypto IRA available	Standard IRAs	Usually limited
Advanced tools	Minimal	Standard stock tools	Extensive
Best for	Simplicity	Portfolio integration	Active trading

Where Traditional Brokerages Win

Traditional brokerages offer one login, one tax document set and strong customer service. That convenience has value, especially for retirement investors.

Fidelity’s long track record also matters if you are cautious about where you keep assets. Its size and regulatory footprint are a real selling point.

Where Dedicated Exchanges Win

Exchanges offer hundreds of coins, lower fees for large traders and advanced order types. Power users chasing altcoin variety or low fees will likely outgrow Fidelity Crypto. Koinly

The trade-off is that exchange quality varies. Security, regulation and customer support can differ widely.

Which Route Fits Your Strategy?

Choose Fidelity Crypto if you want a small crypto allocation inside a trusted brokerage and plan to hold for years.

Choose a spot crypto ETF if you want exposure in a standard account, or in an IRA, without managing wallets.

Choose an exchange if you trade often, want many coins or need advanced tools.

A basic checklist helps:

• Decide how much of your portfolio you will allocate to crypto.
• Estimate how often you will trade.
• Compare the total cost, including fees and spreads.
• Confirm tax reporting support.

What This Means for the Global Market in 2027

Most comparisons stop at fees. Here is where the market is heading.

Fee compression. As more brokerages add crypto, competition should push trading costs down. A flat 1% fee may look expensive in a year.

Bundled wealth platforms. Expect stocks, funds and digital assets to be managed in one dashboard, with advisors recommending small crypto allocations.

Product growth. Spot ETPs for more assets may arrive. Investors should watch expense ratios and liquidity.

Regulation. Rules on custody, disclosure and taxation will shape which products brokerages can offer.

Volatility still applies. Bitcoin has fallen sharply from its 2025 high. A trusted brand does not reduce price risk.

Frequently Asked Questions

Does Fidelity charge fees on crypto trades?

Yes. Fidelity charges a 1% fee on crypto buys and sells. There is no account opening or custody fee.

Can you buy Bitcoin at Fidelity?

Yes. You can buy Bitcoin directly in a Fidelity Crypto account or through the FBTC fund in a standard brokerage account.

Is Fidelity Crypto good for beginners?

It suits beginners who want a simple, low-drama way to hold a small amount of crypto. Frequent traders will find the 1% fee costly.

Fidelity Crypto or a crypto exchange?

Fidelity fits long-term investors who value brand trust and integration. Exchanges suit active traders who want more coins and lower fees.

Fidelity is one of the largest retail brokerages in the United States. It competes on low costs, broad product choice and research tools.

Volatile markets raise the stakes. Fees, diversification and behavior all affect what you keep. This review looks at where Fidelity helps and where it falls short.

Key Takeaways

Low barriers: Fidelity has $0 account minimums, $0 commissions on online US stocks and ETFs, and fractional shares from $1.

Watch the fees: A $49.95 fee applies to non-Fidelity mutual funds.

Crypto is separate: Trading requires a distinct account and carries a 1% fee.

Best for: Long-term investors, retirement savers and beginners.

Returns depend on you: Costs and diversification are controllable. Market direction is not.

Fidelity at a Glance

Feature	Details
Account minimum	$0
Stock and ETF commissions	$0 online
Fractional shares	From $1
Account types	Brokerage, Roth IRA, Traditional IRA, cash management
Crypto	Separate account; 1% fee
Non-Fidelity mutual funds	$49.95 transaction fee

Fees can change. Confirm the current schedule on Fidelity’s website before you fund an account.

Pros of Fidelity Investments

Low Costs and Simple Pricing

There are no maintenance fees on standard retail accounts, and trading costs are minimal for most investors. The account opening process was verified as straightforward in September 2026.

Index Funds With Very Low Fees

Fidelity is known for low-cost index funds, including its “ZERO” funds. Cutting expenses is one of the most reliable ways to protect long-term returns.

Research and Education

The platform provides research reports, screeners and learning content. That helps both beginners and experienced investors.

Retirement Focus

Fidelity supports IRAs and workplace plans. If you already have a 401(k) there, keeping everything in one place simplifies planning.

Cons of Fidelity Investments

Learning curve. The full site can feel dense if you only want a simple app.

Crypto costs. A 1% fee is high compared with dedicated exchanges.

Mutual fund fees. Buying non-Fidelity funds can cost $49.95 per trade.

Limited coin choice. The crypto menu is small.

How to Protect Returns in a Volatile Market

Volatility is normal. Behavior during it matters more than any platform. These practices help.

Diversify. Combine stocks, bonds and cash instead of relying on one theme or stock. Recent mega-cap listings and AI-linked shares have moved sharply, so concentrated positions can swing hard.

Keep costs low. Even a 1% annual fee can consume a large share of long-term gains.

Automate contributions. Regular investing removes the urge to time the market.

Rebalance yearly. Selling some winners and buying laggards restores your target mix.

Hold cash for near-term needs. Money needed within a few years should not sit in stocks.

Use tax-advantaged accounts first. IRAs and 401(k)s shield growth from current taxes.

A Simple Portfolio Framework

Goal	Common Approach
Long-term growth	Broad US and international index funds
Stability	Bond funds and cash reserves
Speculation	A small, capped slice for crypto or single stocks

This is an illustration, not a recommendation. The right mix depends on your age, goals and risk tolerance.

Who Should Use Fidelity?

Good fit: Beginners, buy-and-hold investors and anyone building retirement savings.

Weaker fit: Active crypto traders and investors who want the most advanced trading tools.

What This Means for the Global Market in 2027

Reviews often stop at a feature list. Here is what to watch.

Fee pressure will continue. Competition among brokerages should keep pushing costs toward zero. Compare all-in costs, not headlines.

Digital assets will move into the mainstream. Expect more crypto products inside traditional platforms. Fees may fall as competition grows.

Personalization and AI tools. Brokerages are adding automated guidance. Judge these tools by fees and transparency.

Rates and inflation drive returns. Interest rate direction affects both bond and stock valuations.

Global diversification matters. With market leadership rotating, spreading investments across regions may reduce concentration risk.

Frequently Asked Questions

Is Fidelity a good broker for beginners?

Yes. Fidelity has no account minimums, $0 online stock and ETF commissions and fractional shares from $1.

Does Fidelity charge account fees?

Standard retail accounts have no maintenance fee. Some transactions, such as non-Fidelity mutual funds, carry a $49.95 fee.

Can you buy crypto on Fidelity?

Yes, through a separate crypto account with a 1% trading fee. You can also hold spot crypto funds in a regular account.

How can I protect my portfolio in a volatile market?

Diversify, keep costs low and invest regularly. Avoid reacting to short-term swings.