Trump Momentum Powers Wall Street to Fresh Records, Dow Trades Above 19K

by Victoria Craig | FoxBusiness.com  |  published on November 22, 2016

dow-19000-man

A record week on Wall Street continued as the major averages hit fresh record levels and the Dow Jones Industrial Average traded above 19000 for the first time ever.

After touching its all-time high, the Dow trimmed gains, rising 21 points or 0.12 % to 18978, while the S&P 500 traded along the unchanged line at 2197, and the Nasdaq Composite ticked up 9 points, or 0.17% to 5378.

Wall Street’s continued momentum came after notching closing highs on the Dow, S&P, Nasdaq, and Russell 2000 indexes during the prior session — the first time all four averages set new highs simultaneously since December 1999.

Since the surprise outcome of the U.S. election two weeks ago in which Donald Trump secured the White House, the Dow has rallied more than 667 points, or 3.64% as Wall Street has cheered the prospects of a round of infrastructure spending, renegotiated global trade deals, and a drawdown in regulation.

“Almost as surprising as the election result has been the market reaction,” said Joshua Feinman, chief global economist at Deutsche Asset Management. “There is a good chance of some significant fiscal stimulus, including tax cuts, tax reform, and infrastructure spending, which should boost growth and with the economy already close to full employment, help lift inflation back to target.”

  • M. D’Souza

    Wait till Obama takes credit for it & says that when he left the office the stock market was doing very well, unlike the time in 2008, when the stock market came crashing down just before the election.

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  • justinwachin

    When our nation prospers businesses will have to prosper also. After eight years of a president which seemed to hate prosperity we are all coming to terms with the notion that prosperity may be right around the corner. What a difference an election makes.

  • Rick D.

    Where’s all the alarm from Wall Street that was rampant the night Trump won? Hmm!! Interesting how that’s worked out. LMAO!!

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