Politics

Trump Effect: Dow Tops 20,000

from – Polizette – by Edmund Kozak

The Dow Jones Industrial Average surged above the 20,000 mark for the first time in 130-year history on Wednesday.

The stock market index reached an all-time high of nearly 20,030 per share at approximately 9:20 a.m.

The historic climb in the market follows an already record-setting boom that began following President Donald Trump’s election, as his promises to put American economic interests first and make the corporate tax regime far friendlier to growth has instilled renewed confidence in the U.S. economy.

That the record was set the day following Trump’s announcement that the Keystone and Dakota Access pipelines would go ahead is not coincidence.

Signs of the “Trump effect” are not limited to the market. Even in the immediate aftermath of Trump’s election, IBM announced plans to hire 25,000 workers in the U.S. and an investment of $1 billion in training and developing new American talent.

That same week, Federal Reserve Chair Janet Yellen announced that the Fed’s raising of interest rates by .25 percent, further signaling a strengthening American economy. The rise “is a vote of confidence in the economy,” Yellen told reporters following the decision.

The Carrier company canceled plans to move manufacturing production to Mexico, protection over 1,000 jobs in Indiana. Trump has also said Sprint plans to create 5,000 additional jobs in the United States, while Ford canceled plans to move much of its small car production to Mexico — though the CEO of the motor giant denied the s0-called “Trump effect” had any impact on the decision.


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