Despite ominous predictions to the contrary, the U.S. stock market has experienced quite a positive surge since President Donald Trump took office, though in actuality the surge began the day after the election in November.
In fact, the Trump market rally just since his inauguration has witnessed growth for a first-term president at a level not seen in more than 100 years, according to MarketWatch.
The Dow Jones Industrial Average grew by 4.02 percent during Trump’s first 30 days, pegging his market rally at fifth best on the all-time list behind former President Franklin D. Roosevelt’s 4.13 percent market growth in the first month of his fourth term as president in 1945.
The stock market’s rally in the first days of the Trump administration is the strongest seen under a first term president since the 5.07 percent Dow surge in 1909 at the beginning of William Howard Taft’s presidency.
The record-setting Trump gains were a topic of discussion Monday on Fox News as “Your World” host Neil Cavuto was joined by market analyst Charlie Gasparino and economics professor Brian Brenberg.
However, he cautioned that all of the market gains could be wiped out in a huge “correction” if Trump fails to deliver on his promises within his first year.
“If we don’t get the tax cuts as big as were promised, there’s going to be a massive market correction,” agreed Brenberg. “This is a really significant issue, and he has to deliver on it.”
That said, both also agreed that it would take some time for Congress to work out the details of the necessary legislation to turn Trump’s promises into law, and that it would be “unrealistic” to think they could do something so complex in the first month or two.
For those who are more visually attuned, check out this six-month graph from The Wall Street Journal to see how significantly the Dow average has surged since Trump was elected:
Donald Trump ran on a promise of cutting taxes and rolling back regulations in a bid to jump-start our nation’s flagging economy, and now that he has been in office for a month and has already begun to make good on those promises, the heightened business optimism will likely only surge even higher.
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