President Trump on Thursday highlighted the number of stock market growth records that have been smashed during his time in office, saying here is “great potential for the future” to continue seeing records shattered on Wall Street.
“Hit New Stock Market record again yesterday, the 20th time this year, with GREAT potential for the future,” “USA is where the action is. Companies and jobs are coming back like never before!”
Over the past three years, the Dow Jones Industrial Average and the S&P 500 both have both shattered several records. Both closed at a new record high on Wednesday, which analysts said was helped by the Federal Reserve’s decision to cut rates.
Also, third-quarter earnings surpassed low expectations.
The benchmark S&P 500 posted a slim gain to end with a record closing high on Thursday. The S&P 500 gained 2.72 points, or 0.09 percent, to 3,096.76, Reuters reported.
Meanwhile, the current market rise, which started March 9, 2009, has enjoyed a whopping 468 percent gain for the S&P 500 through the first day of November, CNBC.com cited the Leuthold Group as reporting.
This record-long bull run also marks the best-performing one since the World War II, the firm noted.
“The most outstanding feature of this cycle since 2008 is always going to be fear,” said Jim Paulsen, chief investment strategist at The Leuthold Group.
Citi noted that it’s too early to say the the current 10-year bull market has come to an end. The financial institution expects global equities to rise by another 9 percent by the end of 2020, although it warns the threat of recession is the biggest risk facing markets, Reuters explained.
There are few actual signs of recession, however, as economic growth has continued at between 2-3 percent, on average, since Trump took office.