Prior to the stock market’s opening on Monday morning, President Donald Trump tweeted about record numbers on Wall Street and how they are helping the economy.
The president tweeted: “Highest Stock Market EVER, best economic numbers in years, unemployment lowest in 17 years, wages raising, border secure, S.C.: No WH chaos!”
On Monday, at 9:30 a.m., the New York Stock Exchange saw the Dow open at a record high in response to a strong earnings season.
- Seventy-three percent of the S&P 500 companies that had reported as of Friday had topped estimates on both the top and bottom lines, according to data from FactSet.
- These results have allowed the stock market to keep notching record highs, one strategist says.
This earnings season has largely provided positive surprises for investors. Seventy-three percent of the S&P 500 companies that had reported as of Friday had topped estimates on both the top and bottom lines, according to data from FactSet.
These results, along with stabilizing oil prices and persistently subdued sovereign bond yields, have allowed the stock market to keep notching record highs, said Peter Cardillo, chief market economist at First Standard Financial.
“The stock market is based on futures. Therefore, the optimism goes beyond the fact that U.S. companies are posting better than expected earnings. Companies are forecasting additional growth in the future, and this points back to President Trump,” said Dennis Michael Lynch in response to the strong uptick in stocks. “The media may want to ignore the wins being chalked up by Trump and his team, but Wall Street isn’t playing the ideology game. They play the facts.”
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