Wall Street indexes hit record highs as Trump rally continues

“A month-long rally on Wall Street, sparked by Donald Trump’s election as U.S. president, extended on Thursday, driving major Wall Street indexes to record highs,” Yashaswini Swamynathan reports for Reuters. “”

“Investors have been betting on stocks of industrial and financial companies as they expect these sectors to benefit the most from Trump’s promise to spend more on infrastructure and simplify regulations. The small cap Russell 2000 and the Dow Transport .DJT indexes also hit record highs,” Swamynathan reports. “‘The market is projecting a lot more confidence in future growth, and I don’t expect any big pullback to derail the rally until the end of the year,’ said Chris Story, senior trader at Manulife Asset Management in Boston, Massachusetts.”

“At 12:28 p.m. ET (1728 GMT), the Dow Jones Industrial Average .DJI was up 88.47 points, or 0.45 percent, at 19,638.09. It touched an all-time high of 19,646.92 – 10th since the election. The S&P 500 .SPX was up 6.81 points, or 0.3 percent, at 2,248.16, slightly below its high of 2,248.73. The Nasdaq Composite .IXIC was up 28.65 points, or 0.53 percent, at 5,422.41, after hitting a record of 5,423.19,” Swamynathan reports. “Seven of the 11 major S&P 500 sectors were higher, led by a 0.7 percent gain in technology .SPLRCT due mostly to Apple, while the financial sector .SPSY rose on gains in Bank of America and JPMorgan.”

Read more in the full article here.

MacDailyNews Take: Now, we’d like to see some Apple all-time highs. Maybe after holiday quarter earnings results are released in January? And/or after new corporate/import/export tax plans become clearer?

SEE ALSO:
Dow hits new all-time high; stocks have been on rip-roaring rally since Trump’s election – December 5, 2016
Goldman Sachs: Trump presidency will benefit stocks in nearly every sector – November 30, 2016
Apple: The Trump Effect – November 29, 2016
President-elect Trump tells Apple CEO Tim Cook that he’d like to see Apple make products in the U.S. – November 23, 2016
Morgan Stanley: Apple stands to benefit the most from President Trump’s corporate tax plans – November 11, 2016
Apple CEO Tim Cook smartly maintained ties to GOP ahead of Trump victory – November 9, 2016

35 Comments

    1. It is early yet, botty, and you fail to consider a few things. Obama inherited a huge recession and rapidly climbing unemployment with interest rates essentially at zero combined with massive and growing deficits, leaving no good tools left for recovery.

      While things are not rosy right now, Trump will inherit a slowly growing economy with significantly lower annual deficits than in 2008 and relatively low unemployment (even if you consider disaffected workers).

      I cannot comment on Wall Street’s response – most of the time it seems illogical. But I take exception to your portrayal of people who did not (or do not) support Trump. The economy may or may not keep on growing and improving, and it may have done so with or without Trump. You certainly have no way of knowing.

      What is known is that Trump is selecting some pretty sketchy alt-right characters for some of his cabinet posts. Trump is also leaning towards Generals and Admirals for three or four posts, which is truly amazing considering how he claimed to know more than all of them.

      Your snarky comments only show that you are not only an extremely poor loser, but an extremely poor winner, as well. That is, if anyone is really a winner from the results of the recent election.

      You and I will never see eye-to-eye it seems. In addition, it seems that you are not capable of refraining from posting political comments on this forum. In general, I will ignore them. But, occasionally, I will take a few minutes to expose your inanity.

      I sincerely hope that Trump turns out to be a much better POTUS than he has demonstrated himself to be during the election or over the previous decades. Because he appears to be tri-faced: There is what Trump said yesterday, what he is saying today, and what he will say tomorrow. The three things are generally quite different, and he is never willing to be held accountable for anything he has said.

      Not my president. And likely never will gain my support unless he radically changes his positions.
      #NMP #NMFP

          1. You have no one but yourself to blame if you are not in a better position today than you were 8 years ago, botty.

            Shallow people like you seem to have no concept of what little power the POTUS actually has. But it doesn’t stop you from alternately blaming or allocating all credit to one person, no matter what the issue is.

            When the stated goal of the republican congress was to make Obama a one-term president and oppose every proposal, it’s actually quite remarkable how well the USA has fared in the past 8 years. It could have been much, much worse. Not that you would ever admit that in public. Partisan hacks like you could never be that honest.

            1. “Shallow people like you seem to have no concept of what little power the POTUS actually has.”

              Hey, dickhead, I have a phone and pen. I am the all-omniscient, all-knowing, Magic Muslim.

              Hope and change, muthafücka!

            2. bothole, if you think comments like that do anything other than display your pathetic confrontational immaturity, you are mistaken. No wonder you’re a friendless loser in real life.

      1. “It is early yet – you fail to consider a few things. Obama inherited a huge recession and rapidly climbing unemployment with interest rates essentially at zero combined with massive and growing deficits, leaving no good tools left for recovery.”

        This is true, save for a few moves by Obama that followed: $1 Trillion dollar stimulus package, $500b spent quickly, the remainder spent over 10 years?… failed.

        The administration quickly spun out a new idea, not based on jobs created, but how many jobs they saved… The calculation was as thin as the paper it was written on.

        Of course, Obama has the distinction of being the first 2 term President to preside over an economic GDP that never grew over 3% a year.

        As for “the economy is getting better” let’s cut the glossys generic commentary crap and get real, because your talk is false

        Here are some economic facts:
        It was being projected that U.S. GDP would grow by 2.5 percent during the second quarter of 2016, but instead it only grew by just 1.2 percent. In addition, the Census Bureau announced that GDP growth for the first quarter of 2016 had been revised down from 1.1 percent to 0.8 percent. What this means is that the U.S. economy is just barely hanging on by its fingernails from falling into a recession. Your growth crap IS crap. As Zero Hedge has pointed out,

        NOTE: The average annual growth rate during the current business cycle remains the weakest of any expansion since at least 1949″. This is not a recovery. It is malaise.

        Most importantly, Obama had HUGE tools at his disposal. He passed tax increases via the Murray/Ryan deal, and then continued to let Congress led by Pelosi to conduct an unconstitutional “pay as we go” scam, as to spend and never have a hard set budget.

        Obama’s spending made GWB’a agregious spending (which Obama hypocritically called unpatriotic) look like child’s play.

        Obsma’s massive tool to boost the economy would have been to open up all energy, massively cut corroborate taxes and personal income taxes. But he didn’t do it. It would never fit the class warefare (that’s a communist tactic BTW) narrative.

        I don’t vote for Trump. He and Clinton are completely morally and ethically unqualified to hold this office.

        But people (including me) are excited for his tax plan as it will set the economy on fire with jobs a plenty. That’s getting government out of my wallet and out of my life. That’s more freedom. Wall Street and businesses get the math. I get the freedom.

        1. 538 vs People who can talk with their votes chose, Former Secretary of State Hillary Clinton has garnered at least 65,527,625 votes in the 2016 presidential election, over 2.6 million more than the president-elect, who has received at least 62,851,436 votes, according to figures released Wednesday by The Cook Report, a nonpartisan election analysis organization. Clinton now has a margin of more than two percent of the popular vote majority than Trump, as states like Florida and California continue to submit ballots from primarily Democratic-held regions like Miami and Los Angeles.

      1. Let’s be clear…are you claiming that Trump has already taken office and enacted new policies that have *already* impacted the national economy?? But the inauguration has not even taken place…how can that be?

        That’s right…it is botty’s alt-right distortion field.

        1. Hey, Mr. Stupid, the Dow high is based on investment. Investment is based on the belief that our new President is competent in fiscal matters and their assessment of our new President is optimistic.

          PS: WTF are you the king of, anyway?

      2. I have asked myself so many times why you are so delusional and then I remember when one of your many dads and I played ‘drop the baby on its head’ for a few weeks. It was a laugh at the time but we had no idea that it could hurt you. Next time around maybe we will try ‘flush the baby down’ for fun but I don’t think that you would fit anymore.

      1. Pruitt’s degrees are in politcal science and law. He has no understanding of complex environmental systems he is now being nominated to oversee.

        While reading of the death of John Glenn, I spotted in the Columbus Dispatch report:
        “As attorney general since 2011, Pruitt has repeatedly sued the EPA. He joined with other Republican attorneys general in opposing the Clean Power Plan, which seeks to limit planet-warming carbon emissions from coal-fired power plants. Pruitt has argued that curbing carbon emissions would trample the rights of states, drive up electricity rates, threaten the reliability of the nation’s power grid and ‘create economic havoc’.”

        Sounds like BS to me Electricity and Natural Gas have never been cheaper in real terms, and no one in the USA has a shortage of power. The reason we don’t use polluting coal is because we don’t have to. Why foul the air and water in order to satisfy the demands of the Coal Lobby?

        It is shameful that Trump isn’t draining the swamp, he’s filling his administration with political operatives who are puppets of some of the dirtiest and most corrupt industries.

          1. bothole, you are deranged.

            https://www.epa.gov/aboutepa

            “Our mission is to protect human health and the environment.”

            The current administrator, Gina McCarthy, outlines 7 major themes that describe the work the EPA does.

            – Making a Visible Difference in Communities across the Country — example: cleaning up polluted brownfield sites nationwide
            – Addressing Climate Change and Improving Air Quality — example: eliminating pollutants like hydofluorocarbons
            – Taking Action on Toxics and Chemical Safety — example: setting up an Integrated Risk Information System to make chemical storage and handling safer
            – Protecting Water: A Precious, Limited Resource — example: enforcing the Clean Water Act and providing consumer incentives to choose water saving appliances
            – Launching a New Era of State, Tribal, and Local Partnerships — example: coordinating with tribal leaders to share ecological data and harmonizing rules resource management
            – Embracing EPA as a High Performing Organization — example: using electronic tools to transparently share how and why the EPA does its work
            – Working Toward a Sustainable Future — example: establishing partnerships with industry to enhance and share sustainable practices

            botvinnik the proud ignoramus has never been to the EPA website, so he clearly has no clue how much he has personally benefitted by living in a nation that actually protects the air and water he takes for granted.

  1. Following Apple’s record-setting holiday quarter, its stock still dropped eight percent in after-hours trading because the 51 million iPhones sold missed Wall Street consensus by a few million units. American businessman Donald Trump took to Twitter to express his dissatisfaction with Apple losing its vision and momentum, going on a rant over Apple’s “dumb refusal” to give iPhones bigger screens.

    Samsung’s sizes are “much better”, Trump said and stressed he sold his Apple stock because iPhones are still four inches. I’m sure Tim Cook immediately called for an emergency meeting with his lieutenants, fearing the wrath of Mr. Trump…

    Here’s the tweet.

    And another one.

    I’m not sure I’m fond of this particular tweet that criticizes Apple over the lack of vision.

    The ‘Steve Jobs spinning in his grave’ was in really bad taste – Mr. Trump, you’re fired!

    This isn’t the first time Trump urged Apple’s leadership to create an iPhablet. In April 2013, he similarly said Apple must “immediately increase” the iPhone’s screen size.

    “It should be slightly larger than the Samsung screen and they better get it right fast because they will lose a lot of business,” he said back then. “I like the larger screen”.

    iPhone sales in units (WSJ 001)
    Chart via The Wall Street Journal.

    He’s right on Apple losing business over the lack of larger-screened iPhone.

    In 2012, Apple controlled one-fifth of the world’s smartphone share with the iPhone, or 20 percent. In 2013, it had “only” 15 percent.

    Samsung’s favorite research firm Strategy Analytics estimated that 86 million Galaxy smartphones were sold during the holiday quarter, good for a 29.6 percent share versus Apple’s 17.6 percent.

    Unlike Apple, Samsung does not divulge tablet and smartphone sales over competitive reasons. Also, the South Korean conglomerate is a client of Strategy Analytics.

  2. But he uses an iPhone
    Donald Trump wants Americans to dump their iPhones and MacBooks.

    The Republican frontrunner for President unleashed a series of tweets on Friday calling for the boycott after the company’s decision to fight a court order calling for it to hack an iPhone used by the San Bernardino shooter.

    “I use both iPhone & Samsung,” he wrote to his more than 6 million followers. “If Apple AAPL 1.80% doesn’t give info to authorities on the terrorists I’ll only be using Samsung until they give info.”

    He added in another tweet, “Hopefully others will follow suit. Our country needs & should demand security. It is time to get tough & be smart!”

    In a third, he wrote, “Boycott all Apple products until such time as Apple gives cellphone info to authorities regarding radical Islamic terrorist couple from Cal”

    The call to boycott Apple comes days after Trump, along with fellow candidate for President Marco Rubio, criticized the company for its decision.

    “I agree 100 percent with the courts—in that case we should open it up. I think … we have to open up, and we have to use our heads,” Trump said in an interview on Fox News.

    Meanwhile, one Twitter user made the point that despite his call for the boycott, his campaign had a merchandise table set-up with iPads to pay for merchandise.

    The news comes as Apple has been named No. 1 in Fortune’s 2016 World’s Most Admired Companies franchise list.

    Fortune has reached out to Apple for comment, and we will update this post once we hear back.

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