Liberals and ‘never-Trumpers’ swore that if Trump were to become president the stock market would crash and all hell would break loose.
They were wrong. In fact, Wall Street has enjoyed a record high year so far in 2017.
Matthew Rocco at Fox Business reports that the Dow Jones Industrial Average has set 71 new records at the closing bell, the best one-year performance for the blue-chip index. In another first, the Dow has gained more than 5,000 points since the start of 2017. The broader S&P 500 and the tech-heavy Nasdaq Composite have also mounted record runs.
Stocks have been on a tear going back to Election Day, reflecting investors’ optimism over the U.S. economy, tax cuts and the broader Trump agenda. The Dow had its strongest first year post-Election Day since 1945, soaring 28.5%. Based on the Wilshire 5000, U.S. stocks have gained approximately $6.6 trillion in value since Trump’s victory.
The market viewed Republican control of the White House and both chambers of Congress as a favorable outcome that would end the legislative logjam in D.C., according to John Lynch, chief investment strategist for LPL Financial. Trump’s agenda, mainly tax reform and cuts to business regulations, has lifted business confidence. Meanwhile, economic growth has accelerated. GDP has expanded more than 3% in back-to-back quarters, and economic growth of 3.3% in the third quarter marked a three-year high. The New York Federal Reserve’s estimates call for the U.S. economy to extend its streak in the fourth quarter.
Robust corporate earnings have also fueled the market’s gains this year. Companies in the S&P 500 reported profit growth of 9.8% in the third quarter, according to FactSet. Analysts see similar growth coming in 2018.
With the final day of trading in the books, the Dow gained 25.2% in 2017. The S&P 500 was up 19.5% on the year, and the Nasdaq surged 28.2%.
So, in a nutshell the TRUMP economy is booming and we are WINNING!
Suck it up buttercups.
TOGETHER WE WILL MAKE AMERICA GREAT AGAIN!