Election rally stock market
All in all, the stock market performance through President Trump's th day in office on Saturday looks impressive.
That's especially true given Trump's historically-low poll numbers and nonexistent legislative achievements, at least so far. Anticipation of a pro-growth policy -- massive tax cuts, infrastructure spending and deregulation -- fired Wall Street up immediately after the election. So much so that most of the Trump rally actually took place long before he ever took power.
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Wall Street to Trump: Eventually the Dow would cross over the 19, , 20, and 21, milestones -- and Trump actively cheered for it to go "up, up and up. But then Wall Street's hopes for a swift enactment of the Trump agenda were dashed, by notoriously slow-moving Washington. Trump's early focus on health care -- and insistence it come first to create tax savings -- blew up when a bill to repeal and replace Obamacare failed to even be brought to a vote.
What can actually get done? That realization spooked the market a bit, sending the Dow into an eight-day losing streak , its longest since That's why you had a slowdown in the market," Digenan said.
Trump's energy plan isn't a game-changer. But the market retreat was brief and stocks have since resumed their upward trajectory. The Nasdaq even topped the 6, mark for the first time ever this week. Wall Street has been reassured by Trump's pivot to tax reform -- the central pillar of the administration's economic platform. Investors are no longer banking on a tax deal by August, but there is cautious optimism one can be reached by early Sweeping tax reform would go a long way to justifying the rally since November -- and lofty stock valuations.
For instance, Trump has declined to call China a currency manipulator in an effort to get Beijing to help pressure North Korea. Trump also recently backed down from an insistence to include funding for a border wall with Mexico in the spending bill needed to prevent a government shutdown on Saturday. That's a positive," said Hogan. Start your day right with the latest news driving global markets, from major stock movers and key economic headlines to important events on the calendar.
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