Posted on 03/01/2017 12:23:03 PM PST by drewh
Stock-market indexes set a new round of records Wednesday as investors welcomed President Donald Trump’s tone during his address to a joint session of Congress.
Some analysts suggested that the absence of protectionist comments as well as his overall tone that was perceived as “presidential” instilled confidence among investors, sending global equity markets higher.
“The economy is doing well, as we can see from today’s inflation and manufacturing numbers and any additional stimulus will put it into even a higher gear, and stock markets like that,” said Mark Kepner, managing director of sales and trading at Themis Trading.
If the Dow closes at current levels, the average will have run from 20,000 to 21,000 in 24 sessions, tying a record set in 1999 for the shortest 1,000-point gain.
“Now, earnings are picking up and we’re breaking out in quick fashion,” said Detrick. “The concern now is if we got to 22,000 quickly and hit a blowoff top. Some pullback is normal and we want to see a correction. No more than 5% to 7% would be perfectly normal considering the rally since the election.”
“For now, it seems that investors are content with the reasonable tone of the president, while impending rate hikes are seen in the context of improving economy,” Krosby said.
The manufacturing index from the Institute for Supply Management rose to 57.7% in February, its best level in more than two years.
Trump delivered his address to Congress after the market’s close Tuesday. In what many saw as a rather reserved speech, the U.S. president promised “massive tax relief” for the middle class and tax cuts for corporations.
(Excerpt) Read more at marketwatch.com ...
Now he has to get inflation under control. Hope!!!
Setting up for a massive, spectacular crash.
Dow is up 330 at 3:27 EST.
Winning, winning, WINNING.
But the MSM will tell you it’s just the opposite.
“Setting up for a massive, spectacular crash.”
Maybe yes, maybe not. That’s life, baby.
Stock markets survive on pure faith these days. As long as faith is high, the stock market will do fine.
And as long as nothing bad happens, we’re good.
My bond short (TLT puts) reached for and achieved glory today.
Setting up for a massive, spectacular crash.
Crash? More like a correction when it comes.
Well there’s faith, and then there is what Alan Greenspan referred to as “irrational exuberance.”
Well there’s faith, and then there is what Alan Greenspan referred to as “irrational exuberance.”
POTUS played it brilliantly last night. ‘Organized chaos’ all the way for me! (because you can maneuver faster that way)
This much expansion this fast begs a correction. However, I disagree on the fundamentals. I believe Trump’s policies will unleash so much economic potential that has been locked up by the bureaucracy for so long. Yes, there will be a correction but it will be a hiccup on a trending upward path.
75 percent decrease in regulations are not gonna lie!
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