Before Donald Trump even took office, he was setting stock market records.
British bank Barclays predicted the S&P 500 would lose 11 to 13 percent if Trump won the election, but would rise two to three percent if Hillary won. Citibank predicted a five percent drop-off under a Trump victory. J.P. Morgan predicted a three percent rise following a Hillary victory, compared to markets “falling further” if Trump won.
And they appeared to be right as futures began selling off election night when Hillary’s odds of victory came crashing down. When would they recover? Economics Nobel Laureate and New York Times columnist Paul Krugman observed that night “markets are plunging,” then wrote “If the question is when markets will recover, a first-pass answer is never.”
They were all hilariously wrong. In just the first month following the election, of the 21 trading days since Trump’s victory, the Dow had reached all time closing highs 13 of these days! That was before he was even in office, mind you. Anyone who has checked their 401(k) balance since the election knows that things haven’t stopped since then.
Dow Jones Industrial Average recorded its 24rd all time high of 2017 yesterday (Thursday) closing at 21,533. There have been a total of 120 days where the markets have closed since President Trump’s inauguration on January 20th. The ‘DOW’ has closed at all time highs 24 of those days for nearly 20% or one-fifth of the days the market has been open. The market is up 9% since the inauguration.
Since the election on November 8th the DOW has closed at record highs an amazing 40 times! Nearly one-fourth or 24% of the 168 days the markets have closed have been record highs since the November 8th election. The market is up 17% since the election!
When compared to President Obama, the current President is smashing it. In Obama’s entire first term, the US stock market (DOW) never reached a new closing high. In years 2009, 2010, 2011 and 2012 the DOW never reached a new high once!
It’s all gains – and without the usual ups and downs the market sees. In fact, based off the VIX Index (which tracks market volatility), this is the most peaceful market in modern history.
— Charlie Bilello (@charliebilello) July 14, 2017
As of writing (3 pm EST on Friday, July 14, 2017) the Dow is on track to close at yet another all time high this week, currently trading at 21,632.
That makes 25.
Here’s to the next 25 records under President Trump.
This is what a full economic recovery looks like.
Trump promised that if elected, we’d start winning again. When I look at the stock market, I can’t help but think he has kept his promise.
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