With the Dow, NASDAQ, S&P 500 and the Russell 2000 Index all on record winning streaks, many are trying to figure out just how all of this is happening.
President Donald Trump believes that he has the answer.
“Stock market hits new high with longest winning streak in decades,” Trump tweeted today.
“Great level of confidence and optimism — even before tax plan rollout!”
According to Business Insider, the NASDAQ composite index has set a record-high close seven days in a row, which is the longest streak since 1999. Additionally, the S&P 500, the Dow Jones industrial average, and the Nasdaq have all hit closing records at the same time for five straight days, the longest triple winning streak in 25 years.
But the hits don’t stop there.
The markets have not seen a one percent decrease since October 11, which is the longest streak in the last 11 years, and are on the second longest “bull market” run in history, only being outdone by the run from 1987 to 2000.
As Daily Business News readers are aware, consumer, small business and homebuilder confidence are at or above record highs post election, spurred by President Trump’s daily meetings with leaders from all industries and plans for tax and regulatory reform.
“The post-election surge in optimism for the economy, jobs and income prospects, as well as for stock prices which reached a 13-year high, was most pronounced among older consumers,” said Lynn Franco, Director of Economic Indicators at The Conference Board.
“Consumers’ assessment of current conditions, which declined, still suggests that economic growth continued through the final months of 2016. Looking ahead to 2017, consumers’ continued optimism will depend on whether or not their expectations are realized.”
The level of confidence is being backed up by hard data, with recently released retail sales numbers also beating expectations.
With taxes, Trump referenced releasing “something phenomenal in terms of tax in the next two to three weeks” while meeting with retail and airline CEO’s last week.
This statement helped to move markets higher, as Wall Street and others anxiously await a detailed tax plan. President Trump has said in the past that he would like to lower the corporate tax rate to 15 percent from the current federal rate of 35 percent.
“We haven’t seen numbers like this in a long time,” said NFIB President and CEO Juanita Duggan.
“Small business is ready for a breakout, and that can only mean very good things for the U.S. economy. Business owners are feeling better about taking risks and making investments.”
For the recent closing numbers yesterday on all MH industry-connected tracked stocks, please click here. ##
(Image credits are as shown above.)
Submitted by RC Williams to the Daily Business News for MHProNews.
