Local Portfolios Climb Sharply
This past week, a listener phoned in to say he hated President Trump. I asked him if he had a retirement plan invested in the stock market. I heard him utter a guttural sound and then he hung up. He gave me reason to explain that since the presidential election, the DOW is up 25%. On November 9th, the DOW closed at 18,332 and on October 10th the DOW closed at 22,831. The DOW increased 4,499 points since the November 8th election. Whats more, the stock market has never increased this much in this period of time in its more than one hundred year history!
Donald Trump is the only president in US history to oversee two stock market rallies of nine days or more where the markets set new highs each and every day! And he's set the record earlier this year for the most all time closing stock market highs during his first year in office. Currently, the DOW has set 64 closing highs since last year's election and 47 since President Trump's inauguration. As a comparison, President Obama had no stock market highs his entire first term!
Bottom line, one in four days since the election has ended in a new stock market high. The DOW took just 66 days to climb from 19,000 to above 21,000, the fastest 2,000 point run in history! The US Stock Market gained $4 trillion in wealth since Trump was elected and the S&P 500 also broke $20 trillion for the first time in its history!
So, to that listener and others of like mind, (guttural sound) I am assigning you this mountain to show that it can be moved!