Trump Celebrates ‘Another All-Time High’ Since Taking Office

Trump Celebrates Another All-Time High Since Taking Office

Wall Street is ignoring the mainstream media’s tales of government dysfunction and Russian collusion all the way to the bank.

On Friday, the Dow Jones Industrial Average hit its 25th record high closing of the year, most of which have taken place since President Donald Trump was inaugurated. Since his Nov. 8 election, the Dow has closed at a record high 42 times.

Overall, the Dow has climbed 3,300 points since Trump was elected president. On Friday, the Dow closed at 21,637.74, having gained almost 85 points that day.

Trump Saturday highlighted the dissonance between a roaring hot economy and the media accounts of his administration.

The Dow is not the only measure of the economy that has been setting records.

The S&P 500 closed at a record high Friday. The S&P set records 25 times in 2017 and 33 times since Trump’s election.

Although the Nasdaq had a rocky June, it has jumped 17 percent overall this year.

“The D.C. drama is definitely stealing the headlines, but the reality is inflation is low, earnings around the globe are improving, and the Fed is still very accommodative,” said Ryan Detrick, senior market strategist at LPL Financial.

Corporate profits continue to drive the market; S&P 500 earnings grew during the first quarter of 2017 at the fastest pace in six years.

This past week, JPMorgan Chase, Citigroup and Wells Fargo all posted better-than-expected profits.

“They all beat on the bottom line. Overall it’s been a good start to the earnings season,” said Nick Raich, CEO of The Earnings Scout.  Raich said of the 30 S&P 500 companies that have reported, 80 percent have surpassed expectations.

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