Tax reform and a surging economy saw 2017 end on a high note for President Donald Trump and 2018 came roaring in on Thursday when the Dow Jones industrial average broke 25,000 for the first time in its 120 year history.
The 30-stock index climbed 154 points, tying the fastest 1,000-point move in history, following the release of stronger-than-expected jobs data, CNBC reported — the Dow broke above 24,000 for the first time on Nov. 30.
President Donald Trump, fresh of the victory of seeing sweeping tax reform passed, was quick to mark the historic occasion on social media.
“Dow just crashes through 25,000. Congrats!” he tweeted. “Big cuts in unnecessary regulations continuing.”
“The Dow hitting 25,000 was a pretty wild idea even a year ago,” Steve Claussen, vice president of trader strategy at E-Trade, told the network.
“And while its symbolically important, the real story is never just a number,” he said. “It’s the underlying strength that is pushing markets this high.”
Trump forecast the Dow reaching 25,000 on Wednesday, a feat “few thought would be possible this soon into my administration,” he tweeted.
Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, said that he expects the rise to continue, telling The Washington Post that he expects the Dow to climb as high as 30,000.
“I do believe we’ll see 30,000 before the bull market ends,” Zaccarelli said.
A social media user summed things up fairly well, tweeting: “With President Trump’s
#MAGA agenda it won’t be the last time. Goodbye failing Obama-era!”
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