Huge Gains On Wall Street Thanks To Executive Orders
On Wednesday, January 24, U.S. equities hit an all-time high thanks to a series of executive orders from President Donald Trump. All financials outperformed as the bullish market hit Wall Street.
Overall, the Dow Jones industrial average passed 20,000 for the first time, which means about 150-point gain. The main companies that received benefits from Wednesday are IBM, Boeing, and Goldman Sachs.
What does this mean for the future of the stock market?
Long-Term Capital Gains For U.S.
According to the head of the U.S. Financial Services Industry Practice at PwC John Stadtler, “People are seeing that the administration is carrying through with some of the things they promised. It looks like long-term capital gains are here to stay.”
It’s interesting that Stadler said “some of the things,” given the fact that Trump’s cabinet has only been in office for less than a week. The S&P 500 grew 0.8 percent, which was also an all-time high, while financials also rose 1.5 percent.
Are others finally praising Donald Trump for this Dow Jones jump?
Moving Forward With Trump’s Agenda
“Clearly, this has become a buy-high-sell-higher market with the Dow breaking above 20,000,” confirmed U.S. Bank Wealth Management strategist Terry Sandven. “Out of the gate, President Trump is moving along with his agenda.”
In addition, the Nasdaq composite also gained 0.99 percent, which is also a record high. Traders are waiting for more information before they make any major moves, but many have been waiting for something like this so they too can “join the party,” according to Think Market analyst Naeem Aslam.
Do you think this will finally make the naysayers believe in Trump?