No president can guarantee a bull market, but Donald Trump has clearly impressed Wall Street investors in the first days of his term. The Dow Jones Industrial Average crossed the 20,000 mark on Wednesday for the first time, a significant milestone that reflects a growing confidence in Trump’s business-friendly policies.
With promises of lower corporate and individual taxes, a vow to remove burdensome regulations, and an eye towards military and infrastructure spending, Trump has given investors every reason to get excited about the next four years.
The Dow index has risen 1,668 points since Trump’s election in early November.
The materials sector was largely responsible for the final push across the line, driven to new heights after President Trump announced plans to move forward with two oil pipelines that had stalled under the Obama administration. Trump said Tuesday that he would negotiate with energy executives to make sure the steel used for the Keystone XL pipeline was produced in the U.S. Additionally, Trump met with the CEOs of the top three American carmakers, signaling a new dawn for American manufacturing.
Did we make the right choice or what?
As pumped as we are to see how high this country can soar under a Trump administration, we can’t help but feel bitter about how our economy was held hostage for eight long years. It’s inexcusable. President Obama had it in his power all along to work side by side with American job creators and use his authority to make this country a friendly place for both small and large businesses. Instead, he did the opposite. He sent manufacturers running for the border with his onerous regulations and ridiculous corporate tax rates. And that’s without getting into the damage caused by Obamacare.
We won’t take away from the tangible steps Trump has taken, but a lot of this has less to do with policy than attitude. We finally have a president willing to use the bully pulpit for the good of the economy. Look at the extraordinary publicity Carrier, Ford, and others have gotten simply by doing the right thing. Trump is creating a patriotic movement that could legitimately send our economy skyrocketing to heights previously thought unimaginable.
Some of Trump’s more hysterical critics are worried that he might cancel the next election and install himself as president for life. But if the next four years look as good as Trump’s first week, he won’t have to. The American people will be begging him to stay.