Politics

Trump: ‘Stock Market Hit New Record High’

President Donald Trump said Wednesday that the American economy is booming during his first year in the White House.

“Will be having meetings and working the phones from the Winter White House in Florida (Mar-a-Lago). Stock Market hit new Record High yesterday – $5.5 trillion gain since E. Many companies coming back to the U.S. Military building up and getting very strong,” Trump tweeted Wednesday morning.

The U.S. stock market has skyrocketed since Trump defeated former Secretary of State Hillary Clinton, posting record highs on a near-weekly basis. The Dow Jones Industrial Average–the benchmark stock market index–is up roughly 30 percent since the 2016 November election.

All three major U.S. stock indexes–the Dow, S&P 500 and NASDAQ–hit new records Tuesday morning, adding 160.50, 16.89 and 71.76 points, respectively. The S&P 500 notched its 54th record closing in 2017–the most in a single calendar year since 1995.

The stock market gains are largely tied to the promise that the Trump administration and Congress will deliver on a comprehensive tax reform bill before the legislative clock runs out on 2017.

American businesses are investing in the U.S., to the tune of hundreds of millions, on the promise Congress will deliver a comprehensive tax reform bill.

Americans themselves are already seeing the benefits of a growing economy. Americans’ disposable personal income in the past two financial quarters increased $198.7 billion and personal savings grew over $1.04 trillion.

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