President Trump’s well-received February 28 speech to the Joint Session of Congress was exactly the boost the market needed to break through the 21000 DOW milestone, done in a record 24 days. The market jumped 303 points and closed at 21115 on March 1.
Wednesday’s breakout was preceded by 12 up days in the DOW. The last time we had 12 days of continuous up markets was 1987, the year the movie Wall Street debuted (“Greed is good, money never sleeps”). Other factors driving the confidence is a strong underlying U.S. economy, stable oil prices, moderate Fed interest rate increases and a good earnings season.
Rallies don’t last forever. The 59-day boost in 2007 preceded the Great Recession and 24-day run in 1999 was followed by the Dot.com bust. The length and duration of the Trump rally is to be determined.
|Gordon Gekko (Michael Douglas) in Wall Street | Pinterest|
Read my blog: Trump Rally Breaks 20000 in Near Record Speed