As Democrats and Republicans scramble to reach a last-minute agreement to avert a federal government shutdown, the stock market continues to smash records under President Trump; soaring 31% in his first year in office and posting the greatest gains since President Franklin Roosevelt.
According to CNBC, the Dow has surged over 31% since President Trump’s inauguration in January 2017, marking the largest increase since Franklin Delano Roosevelt’s first year in office which saw the Dow “skyrocket” by 96.5% following the Great Depression.
“This is all about policy,” said a chief investment strategist at Baird. “You’ve got lower taxes, less regulation and confidence in the economy is high. Things are firing on all cylinders.”
President Trump rode a wave of economic promises and policies into the Oval Office throughout the 2016 presidential race; vowing to put “America First” and unleash “the power of the American worker.”
Trump touted the economic gains throughout the country at a rally in Pennsylvania Thursday, saying the US is “coming back bigger and better.”
“We are coming back bigger and better and stronger than ever,” said the President. “At the center of America’s resurgence are the massive tax cuts that I just signed into law.”
US Economy SMASHES ESTIMATES, Adds 230K Jobs
The United States economy added approximately 228,000 jobs in November alone; slashing the unemployment rate to just 4.1 percent and busting expectations that predicted payrolls to grow by 200,000.
According to CNBC, average hourly earnings also rose by 0.2 percent in the same month; resulting in 2.5 percent growth in 2017.
“The November employment data is largely as expected. For an expansion that began in mid-2009, no negative surprises are welcome,” said a senior economic analyst at Bankrate.com. “The lingering impacts of recent hurricanes and flooding have reverted back to relative calm in the statistics, meaning that this is a ‘cleaner’ number.”
Surprisingly, the second largest gains were seen in the manufacturing sector; adding 31,000 jobs in the industry. The economy saw a total in goods-producing occupations tick upwards to 62,000.
Construction also saw steep gains, adding 24,000 jobs –most of which were in “specialty trade” contracts.
“With continued improvement in the labor market, room for continued upward trajectory in 2018 is likely limited because there’s not much slack left to hire workers for further growth,” said one economist.
GREAT AGAIN: $2 TRILLION Added to US Economy Under President Trump
The United States Stock Market has added over $2 trillion to the American economy since President Trump won the 2016 presidential election; smashing expectations and further signaling a robust recovery following years of stagnant growth under Barack Obama.
According to CNBC, the S&P 500 stock index grew by $2.04 trillion since Donald Trump defeated Hillary Clinton last November; soaring after the election on renewed hopes of significant tax reform and the reduction of burdensome regulations imposed by Trump’s predecessor.
The largest gains were seen in information technology, financial services, healthcare, and materials.
President Trump now sets his sights on reforming the nation’s complicated and outdated tax code, a key campaign promise to deliver tax relief to millions of American families and businesses.
“People are in wait-and-see mode in terms of tax reform. We get a bit of a pop every time it gets mentioned, but I think the market is in a bit of disbelief,” said one market strategist.
Analysts also credit President Trump’s pledge to rebuild the American military with the massive rise in stocks associated with Defense contracts, reporting some businesses have seen growth of 30% since the US election last fall.