- President Donald Trump tweets that “more good news is coming” for financial markets.
- Stocks have been on a tear lately, with the Dow industrials rallying about 4 percent since mid-August.
President Donald Trump is fired up about the recent stock market gains and is promising that more good times are ahead.
Stocks have been on fire as of late, with the Dow Jones Industrial Average gaining nearly 4 percent during a rally that began in mid-August. Though some investors think the jump could be the calm before an autumn storm, Trump took the opportunity for a victory lap in a Thursday morning tweet.
“For all of you that have made a fortune in the markets, or seen your 401k’s rise beyond your wildest expectations,” he said.
The rally brings the Dow up to a 5.7 percent rise year to date. Markets have shrugged off a series of headwinds including worries about a trade war, higher interest rates and rising valuations that are making parts of the market looking expensive.
In all, the blue chip index has risen about 32 percent since Trump took office.
The most recent rally has been driven by more solid economic numbers — 25 percent corporate earnings growth, a 4.2 percent GDP gain in the second quarter and an 18-year high in consumer confidence among them — plus relief that Trump’s saber rattling over trade has the real chance to yield new trade agreements with Mexico and Canada.
Indexes, however, were pointing to a negative open Thursday on Wall Street following four straight positive trading sessions.
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