The Trump Economic BOOM continues as the market responded to President Trump’s Tuesday night speech to the joint session of Congress by spiking by over 300 points and closing the day over 21,000 for the first time ever.
This milestone is extraordinary because it was less than one month ago that the market climbed to 20,000 for the first time ever.
President Trump’s policies, plans, and rhetoric have laid a strong foundation to build investor confidence, and the market is responding accordingly, handing the President some remarkable economic gains, which only seem more remarkable when considering that our economy has been mired in the Obama malaise for the last 8 years.
Wall Street gave President Trump’s first speech to Congress a standing ovation.
The Dow soared 303 points to close above 21,000 for the first time ever on Wednesday. The milestone comes barely a month after the Dow hit 20,000 for the first time.
Trump’s prime time address to Congress on Tuesday received high marks from viewers, and has clearly left Wall Street in good spirits, too…
The key for Wall Street was the tone of Trump’s speech: He sounded a lot more optimistic and presidential than in previous speeches.
“The speech didn’t break any new ground, but it was much more orderly and methodical than we are used to hearing,” said Nicholas Colas, chief market strategist at brokerage firm ConvergEx.
“It was a solid speech from the perspective of putting Trump on a truly presidential footing,” Colas said.
It only took 24 days for the market to go from one record milestone (closing above 20,000) to another major milestone (closing above 21,000). That ties a market record set in almost 20 years ago in 1999 for the shortest amount of time between 1000-point milestones, but that milestone will be remembered for a different reason… that was shortly before the dotcom bubble burst and sent the economy into a tailspin.
Economists have been warning investors for months to be wary and to invest cautiously, but thus far their fears have been unfounded as the market and the economy in general continue to improve at an impressive pace.