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The Dow has rocketed through yet another milestone -- 23,000.


Pete

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Thank you president Trump

Wall Street's latest record shows how hot the stock market has become over the past year. The Dow was sitting at just 18,333 on Election Day.

 

But since President Trump's election, the average has spiked more than 4,600 points, or about 25%. The Dow has notched 66 record highs in that time. That's despite Trump's struggles to get his economic agenda,

including tax cuts, through a Republican-controlled Congress.

Trump's political problems haven't fazed investors, in part because the market has been supported by healthy corporate profits as well as improved domestic and international economic growth.

The stocks of Wall Street titans Goldman Sachs (GS) and Morgan Stanley (MS) bounced on Tuesday after the companies reported earnings that impressed the market. That follows better than expected results last week from big banks JPMorgan Chase (JPM), Citigroup (C) and Bank of America (BAC).

"The U.S. economic fundamentals are pretty good. And the global economy is accelerating," said David Joy, chief market strategist at Ameriprise Financial.

Related: How Trump's tax plan could backfire on Wall Street

For now, Wall Street is closely tracking the fate of Trump's tax plan, which has a long way to go before enactment by Congress.

The GOP's tax framework would cut the corporate tax rate from 35% to 20% and encourage U.S. multinationals to bring profits sitting overseas back home.

Those proposals would be great news to tech titans like Apple (AAPL, Tech30) and Microsoft (MSFT, Tech30) that have hoarded lots of cash overseas. Banks and other high-tax payers like Disney (DIS) and McDonald's (MCD)would also be winners.

Emboldened investors have been more willing to pay up for risky assets like U.S. stocks. The S&P 500 trades at 18.7 times its projected earnings. That's well above historical averages.

Some worry that stocks have gotten too hot, setting the stage for an unsustainable "melt up" that could vanish once the market's mood changes.

"The higher we go, the more aware investors need to be about valuations, which are in rarefied territory. They don't typically stay there for long," Joy said.

http://money.cnn.com/2017/10/17/investing/dow-23000-stocks-trump/index.html?iid=hp-toplead-dom

Edited by COPO
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11 minutes ago, ArcticCrusher said:

No.  But I'm sure some leftards here will.:lol:

Thats what Im saying. Trump gets pats on the back while its going up. Who gets the blame when its going down? NFL players? :lol:

 

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6 hours ago, Anler said:

Awesome! Are you guys going to blame Trump if it crashes?

We get bombarded with forecasts and predictions all the time, but there are no storm clouds on the horizon, like in 08-09.  I see it cooling off, but ffs, 60 people get massacred in Vegas, and the next day the market hits yet another new high.  North Korea threatens to annihilate us, markets don't care.  Its crazy, but it just keeps climbing.  Consumer and business confidence is high, banks and insurance companies have much better capital reserves, etc..  As long as Trump delivers on tax reform, the economy should continue to grow at a way faster pace than the Obama years imo.  After a while, there is no one else to give credit to, given all the people aimed against him.

5 hours ago, Biggie Smails said:

Harvey Weinstein and The Kardashian’s.

Poor bastard has turned into public enemy #1.  I love it. :lol:  Next thing  we'll hear is Kim boils dogs for dinner or some shit.  

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20 minutes ago, DriftBusta said:

We get bombarded with forecasts and predictions all the time, but there are no storm clouds on the horizon, like in 08-09.  I see it cooling off, but ffs, 60 people get massacred in Vegas, and the next day the market hits yet another new high.  North Korea threatens to annihilate us, markets don't care.  Its crazy, but it just keeps climbing.  Consumer and business confidence is high, banks and insurance companies have much better capital reserves, etc..  As long as Trump delivers on tax reform, the economy should continue to grow at a way faster pace than the Obama years imo.  After a while, there is no one else to give credit to, given all the people aimed against him.

Poor bastard has turned into public enemy #1.  I love it. :lol:  Next thing  we'll hear is Kim boils dogs for dinner or some shit.  

 

The CEO of your company was just on PBS and stated that the last 5 years have averaged 14%, and not to expect that rate going forward, more like 5 or 6%.

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13 minutes ago, Angry ginger said:

you mean when

and the best part is the article pretty much says trumps done fuck all to really create this push higher as his admins accomplished very little.  

 

He doesn't have to accomplish much , just don't fuck anything up :bc:

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18 minutes ago, 1jkw said:

 

The CEO Managing Partner of your company was just on PBS and stated that the last 5 years have averaged 14%, and not to expect that rate going forward, more like 5 or 6%.

Cool, I would have liked to have seen that.  Absolutely though, temper expectations. The DJIA has averaged around 8 for 90 years, so I'm not sure what his exact quote was.  One of the best things about this company is we're a limited partnership. 

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2 minutes ago, DriftBusta said:

Cool, I would have liked to have seen that.  Absolutely though, temper expectations. The DJIA has averaged over 8 for 90 years, so I'm not sure what his exact quote was.  One of the best things about this company is we're a limited partnership. 

 

She seemed very smart and matter of fact, and said basically that 5 or 6% was still pretty good.

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7 minutes ago, 1jkw said:

 

She seemed very smart and matter of fact, and said basically that 5 or 6% was still pretty good.

Ah...that was probably Kate Warner, she's our chief strategist.  We get video updates from her all the time, its pretty cool. Jim Weddle is our actual Managing Partner.   :bc: 

 

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24 minutes ago, 1jkw said:

 

The CEO of your company was just on PBS and stated that the last 5 years have averaged 14%, and not to expect that rate going forward, more like 5 or 6%.

Thats better than the shmos who said early in 2016 to expect 1% for the next decade.

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