Will Stock Markets' Post-Election Spikes and Record Highs Continue?Feb. 16, 201701:21
President Donald Trump has a message for stock investors: You're welcome.
Trump took credit for the stock market's latest record run during his first solo press conference Thursday afternoon, doubling down on an early morning tweet that boasted about a "great level of confidence and optimism.”
The Dow Jones industrial average, S&P 500, and Nasdaq composite all closed at all-time highs for five days straight, entering Thursday's session.
But critics have pointed out that investors could be getting ahead of themselves, since Trump may not be able to get all the reforms he wants from Congress — even though it's controlled by the GOP.
Though it has repeatedly recorded highs, the stock market has moved in small increments, never exceeding a one percent gain in either direction during any single trading session over six weeks.
Critics have pointed out that investors could be getting ahead of themselves, since Trump may not be able to get all the reforms he wants from Congress — even though it's controlled by the GOP.
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"The market is being very anticipatory of tax reform and the regulatory reform that the president has talked about," Bill Daley, head of U.S. operations at Swiss hedge fund Argentiere Capital, told CNBC's "Squawk Box" on Thursday.
"The devil is always in the details. And the time which they'll get that done is probably a lot longer than the market realizes right now," said Daley.
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The rally began last Thursday when Trump said in a meeting with airline executives that the administration would be releasing a "phenomenal" tax plan in the next two to three weeks.
Stocks had already rallied significantly since Trump's election, as optimism about his proposed policies and improving economic data emboldened market bulls.