The U.S. stock market has been on a tear since President-elect Donald Trump won the White House, with some indexes marking the single greatest gains in the 30-day period following Election Day since former president Richard Nixon.
Trump’s election sparked the biggest one-month S&P 500 rally in the its 93 years of existence. The index rose nearly 5 percent from Nov. 9 to Friday afternoon. It broke the previous 30-day record set after Nixon’s election. The S&P closed at 2,246.19 Friday afternoon.
The Dow Jones Industrial Average gained nearly 7 percent over the same period, the second largest one-month gain in the first 30 days after a presidential election. The benchmark index gained over 1,000 points in just the first week after the election. The Dow closed Friday afternoon at 19,614.81 — staggering when considering its 52-week low of 15,450.56.
The NASDAQ Index closed Friday afternoon up at 5,444.50, a record number for the index.
Financial stocks continued the month-long rally, pushing up 19 percent since the election. Shares of banks have edged up over the month on the hopes of changes in interest rates on government bonds and massive deregulation abound.
The Trump administration is promised to be one characterized by less regulation and lower taxes.
Trump promises to end “all unnecessary regulations” imposed on the energy industry, to “dismantle” the 2,300-page Dodd-Frank Wall Street Reform And Consumer Protection Act, and to put a moratorium on any new regulations when he takes office. The president-elect also promises the most business friendly tax plan since the 1980s.
Trump’s tax plan is likely to be very pro-business. His plan aims to lower the corporate income tax rate from 35 to 15 percent, and promises the lowest income tax rates since before World War II, shrinking the tax brackets from seven down to three. (RELATED: Which Candidate Is Better For Your Bottom Line: Trump Or Clinton?)
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