The surging stock market marked its sixth consecutive day of rising numbers this week, delivering “their longest winning streak in three months as retailers, technology companies, household products companies, and health care firms made large gains,” according to news reports.
“The Standard & Poor’s 500 index rose 0.4 percent, to 2,415.07,” The Associated Press reported. “The Dow Jones industrial average gained 0.3 percent, to 21,082.95. The Nasdaq composite added 0.7 percent, to 6,205.26, above the record it notched last week. The Russell 2000 edged up 0.1 percent, to 1,383.39.”
Included among the winners were everyone from online retailers such as Amazon, whose stock was on the verge of hitting $1,000 for the first time, to traditional retailers such as Best Buy, brands such as Calvin Klein and technology giants such as Google’s parent company, Alphabet.
It seems clear that this rally was driven in part by President Donald Trump.
Even the anti-Trump CNN was forced to acknowledge that despite the litany of recent allegations against the president regarding Russian collusion, investors are apparently more concerned with “his penchant for deals and plans to boost the economy with a budget that calls for big cuts in spending — particularly on domestic programs.”
Even more to the point, former President Barack Obama’s first four months in office showed nothing near the economic performance Trump’s have demonstrated. According to The Gateway Pundit, the numbers being recorded even before the latest hot streak started are evidence of the dynamic effect on the economy Trump’s election has had compared to this point in Obama’s administration.
The Dow Jones Industrial Average is at a record high now. Four months into the Obama administration, it was down 14 percent from the time he won the presidency in November 2008 to May 2009.
On jobs, about 738,000 were expected to have been added in the United States during the months since Trump took office, The Gateway Pundit reported. During the same period in the Obama presidency, the country lost 3 million jobs, according to the Gateway Pundit.
And these are just a couple of the numbers involved. As the Gateway Pundit summarized, “The mainstream liberal media won’t report this, but when looking at the numbers, President Trump the businessman crushes the former community organizer Barack Obama.”
Whether or not the streak can be maintained is of course unknowable, though some suspect a pullback could be imminent heading into the Memorial Day weekend because of a Thursday OPEC agreement on production limits and the Friday start of the G7 summit, as noted by TheStreet.
There are also reportedly concerns about comments Trump made at the NATO summit Thursday slamming other member states for “backsliding on funding commitments to shared defence.” This, in addition to new allegations regarding Trump son-in-law and White House senior adviser Jared Kushner, could lead to “modest declines,” TheStreet predicted.
It should be kept in mind, however, that every time what appear to be insurmountable obstacles start to hinder Trump in some form or another, he always manages to perform an unexpected rebound, outperforming the predictions of his fiercest critics in the process.