New York City, NY – Just one month after breaking an all time high of 23,000 the Dow Jones Industrial Average, a collection of mostly industrial and manufacturing stocks hit a new record shattering high of 24,000. Even those on the left are beginning to credit President Trump for this landmark.
With economic confidence and consumers loyalty at an all time high in the post-election surge experts are saying that we are feeling the “Trump effect”.
Business in America is back and roaring with unemployment at all time lows, the stock market at all time highs, and Americans beginning to feel better about the economic future for the first time in nearly a decade. The market has also been reacting positively to the advancing tax cut bill proposed by the Trump administration and advancing through Congress quickly. In addition, corporate profits are at an all time high.
According to a report from CNN Money:
“Stocks caught fire again this week as the U.S. Senate made progress on a bill that would slash the corporate tax rate in 2019 to 20% from the current 35%. The Senate Budget Committee advanced the tax bill on Tuesday, setting the stage for a high-stakes vote in the full Senate.
More good news for investors: Jay Powell has signaled he won’t rock the boat at the Federal Reserve. Powell, Trump’s pick to replace Janet Yellen at the helm of the Fed, gave support this week for raising rates at just a gradual pace. Extremely low rates have underpinned the bull market by forcing investors to bet on risky assets like stocks.”