Markets continue moving higher.
The Dow Jones Industrial Average closed on Wednesday above 22,000 points for the first time in its 120 – year history. The session closed at 22,015.46 points up 0.23% from the previous day.
The increase in equity prices continues the trend that’s carried Wall Street higher since the presidential election in November. So far this year, the Dow is up 11%.
The latest increase in the Dow was driven by earnings, especially Apple, which on Tuesday announced higher profits and earnings than anticipated.
President Trump has been quick to take credit for the state of the markets. “Our country is doing very well,” Trump proclaimed. The president highlighted the latest data on GDP growth and unemployment reduction as well, obviating that he inherited an economy at cruising speed from the Obama administration. The Dow rose 150 percent during Obama’s eight-year presidency.
But analysts are divided over Trump’s impact on the markets. The initial optimism seems to have dissipated in the face of political chaos in Washington despite Republicans controlling the White House and Congress. Faced with the failure of healthcare reform, investors’ expectations have fallen for tax cuts, financial deregulation and a package of public works in infrastructure.
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