The Trump Economy: Stock Market Hits 26,000 in Fastest Ever 1000-Point Jump
Another day, another economic record broken under the Trump administration.
On Tuesday, the Dow Jones Industrial average reached 26,000 points for the first time in its 121-year history.
This milestone came after the Dow blew past the 25,000-point mark just seven trading days prior, which was a broken record in and of itself.
This means the Dow, a major stock market indicator, has broken two records in a record amount of time — the milestone on Tuesday marks the fastest rise between 1,000-point barriers in Dow history, according to CNN Money.
The Dow has rocketed 42 percent, or nearly 8,000 points, since President Donald Trump’s election.
The fast rise in the market is a reflection of enormous confidence in Wall Street and an ambitious economic agenda from the GOP-controlled Congress.
“The market has certainly come out of the gates fast in 2018 after a stellar 2017,” said chief market strategist Wunderlich Securities Art Hogan.
Hogan credited Republican tax reform, which enacted tax cuts across the board for most American taxpayers, for the excitement among investors, CNN reported.
“We’re just starting to see Corporate America tell us what a lower corporate tax rate means to the bottom line. We shouldn’t dismiss that.”
The Dow isn’t the only economic barometer breaking records.
Marking the longest period of calm in its history, the Standard & Poor’s 500 has not declined 3 percent over several days or even a single day since the beginning of November 2016. This stretch of time is, by far, the longest the S&P 500 has ever gone without a 3 percent or more drop, with the previous record set all the way back in 1995.
The economic growth has not been isolated to just the stock market. Unemployment in the country is at record-lows and U.S. companies have lined up in tandem to announce wage increases and bonuses for their employees.
Rapid job growth has lowered unemployment for all Americans, with employers in the country adding nearly 2.1 million jobs last year — the seventh straight year that hiring has topped 2 million, according to Fox News. The results have greatly benefited the black community.
The Bureau of Labor Statistics reported that black unemployment was at its lowest level since they began tracking the data 45 years ago. Unemployment in December only stood at 6.8 percent for black workers and 4.1 percent for workers overall.
The president has not been shy about the progress taking place under his tenure.
Trump has also taken shots at the media for not properly reporting on the economic gains made.
“It’s an extremely impressive rally,” Dan Suzuki, a senior U.S. equities strategist at Bank of America Merrill Lynch, said of the market records, according to CNN Money.
“It’s pretty indicative of what you see at the end of bull markets when sentiment is in the driver’s seat.”
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