Stock markets hit records highs after opening Friday morning, posting marked gains after President Donald Trump’s promise to reveal his major tax reform plan in the coming weeks.
Trump’s comments Thursday that he will soon bring about a “phenomenal” tax reform plan helped to ensure investors that tax reform is on the horizon. The Dow Jones Industrial Average sits at 20,229.69 as of 10:31 a.m. EST Friday morning. The benchmark index set a record in late January, ticking above 20,000 for the first time Jan. 24, 2017. The S&P 500 and the NADAQ indexes are both up substantially Friday morning. (RELATED: Dow Sets New Record, Gaining 1,000 Points)
Friday’s gains are not the first time the market has reacted positively to Trump’s promise for massive deregulation and tax reform. The U.S. stock market posted historic gains in the month after Trump won the election. (RELATED: Here’s How The Market Looks One Month After A Trump Win)
The Dow broke 19,000 for the first time Nov. 22, stemming from a market rally after President Donald Trump won the White House. It took just 13 trading days for the benchmark index to make those gains. (US Stock Markets Hit All-Time High Tuesday Morning)
Prior to the November jump, the Dow hadn’t experienced a thousand-point rally since 1999, when it went from 10,000 to 11,000 in just over 24 trading sessions. The Dow crossed the 10,000 mark for its first time in 1999.
Following Election Day, the S&P 500 had the biggest one-month rally in the its 93 years of existence. The index rose nearly 5 percent from Nov. 9 to Friday, Dec. 9. It broke the previous 30-day record set after former President Richard Nixon’s election.
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