President Donald
Trump took to Twitter on Thursday morning to celebrate the recent record high
in the stock market.
President Donald
Trump took to Twitter on Thursday morning to revel in the recent highs for the
stock market and consumer confidence that have been set over the past few days.
"Since November
8th, Election Day, the Stock Market has posted $3.2 trillion in GAINS and
consumer confidence is at a 15 year high. Jobs!" Trump tweeted.
The tweets echo
Trump's speech to the joint session of Congress on Tuesday night in which he
said, "The stock market has gained almost three trillion dollars in value
since the election on November 8th, a record."
The Dow Jones
industrial average cracked through 21,000 on its way to a record-high close on
Wednesday. The index jumped from 20,000 to 21,000 in just 24 trading days,
tying the record for the fastest move between two 1,000 point landmarks.
Analysts cited
Trump's statements endorsing lower corporate taxes and infrastructure
investments as part of the reason for the 303 point pop in the Dow on
Wednesday.
Trump, in the tweet,
also referenced the increase in the Conference Board's Consumer Confidence
index, which ticked up to 114.8 for the month of February. It now sits at its
highest level since July 2001.
While these are useful
indicators of enthusiasm in the economy, recent hard data — or data measuring
actual economic activity — has been mixed as retail sales and jobs gains have
been strong while construction spending, pending home sales, and vehicle sales
have been weak.
It remains to be
seen whether or not the enthusiasm for Trump's economic agenda has translated
into improved growth.
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