Boosted by Trump rally and Apple, Wall Street parties like it’s 19,999

“The Dow came within one point of 20,000 for the first time ever on Friday, fueled by a rise in Apple and extending a two-month rally fueled by optimism that President-elect Donald Trump’s policies will bolster the economy,” Noel Randewich reports for Reuters. “Apple (AAPL.O) rose 1.3 percent, helping all three major indexes, after Canada’s Competition Bureau said it did not find sufficient evidence iPhone maker had engaged in anti-competitive conduct, closing a two-year investigation into the company.”

“U.S. stocks have risen sharply since Trump won the U.S. election in November and while Friday’s additional gains suggested the rally is not yet over, some investors have grown cautious,” Randewich reports. “‘The market’s advance is understandable because of the economic stimulus optimism associated with a new Trump presidency,’ said CFRA chief investment strategist Sam Stovall. ‘But parabolic market advances traditionally experience digestion of these gains, and I don’t think this time will be any different.'”

“At 2:14 p.m. ET, the Dow Jones Industrial Average .DJI was up 94.45 points, or 0.47 percent, to 19,993.74 points. The index rose to as high as 19,999.6,” Randewich reports. “The S&P 500 .SPX had gained 12.83 points, or 0.56 percent, to 2,281.83 and the Nasdaq Composite .IXIC had added 47.16 points, or 0.86 percent, to 5,535.09.”

Read more in the full article here.

MacDailyNews Take: Boom!

32 Comments

      1. Unbelievably immature comment. Respect the office or at least hold your tongue if you can’t respect the man.

        But you should know that Obama presided over one of the longest periods of prosperity in US history, with the US economy growing faster than almost all its trading partners. All while congress obstructed and refused to pass bipartisan legislation like tax reforms.

        I seriously doubt Trump will accomplish anything lasting economically, except for the 1%ers. He’s a kleptocrat.

  1. Business optimism is not necessarily associated with optimism for the economy. The uptick in stock prices could be largely driven by the hope that regulations and taxes will be reduced by Trump making it more likely that company profits will be higher. The rich will make more money but there will be no upside for the average person.

    1. If you owned a company, would you increase hiring during a period of high profitability or during a period of stagnancy? And, which of those do you think would create upward wage pressure?

        1. That is fancy sounding nonsense. If I owned a manufacturing company, or if you looked at an entire industry in total, you can’t illustrate how it would stimulate employment and wages by increasing taxes and regulations on those businesses and their owners.

          Trump was the first one that was able to crack the garbage that the Democratic Party has sold to the “working man” for decades. They somehow believed that the economic world was like some kind of a fixed pie, where the “working man” would be helped if the “rich people” were hurt. He destroyed it forever, if he is able to follow through and perform.

        1. If it is a fact, please post your evidence of proof.

          You could reduce taxes to zero and Apple would still make 99% of its products in China. No amount of tax breaks are going to offset the labor rate difference.

    2. Well, in the generational poverty areas of the Mississippi River Delta area over several states, many many poverty folks wish some of the rich folks would come in an open a factory so that they could go back to work! The US Government certainly is not helping and local liberal government can’t understand why factories moved away ( excess taxes.) Companies have TRIED to relocate, but local government wants up front money in addition to high taxes. And the liberal local government officials are the WEALTHY ones with excessive salaries.

      In other words, the local lib get richer and give out promises of governmental help; they end up helping no one, and run off businesses that does want a willing labor force. The local voters are too ignorant to understand that who they vote for – is driving their jobs away. Certainly is not republican.

      “Trickle down” might make your blood boil, but it does bring money IN.

      1. Simply not true. The average wage in Mexico is 1/10 what it is in the USA. No matter what the tax rate, it is not going to be cheaper to do manual labor in the USA. It’s economics, not liberal govts that determine corporate plant locations.

  2. It’s all a bubble about to burst…like Trump has said for the last ten years: “It’s not if, it’s when.”

    The right guy is at the helm to lead us through this shït of libtard and neocon economic malfeasance.

    1. At the helm? Yes, all too soon.

      The “right” guy? He certainly has not demonstrated it so far, but I suppose that we have no choice except to let him try after the rural portions of this country chose the old white dude.

      On the positive side, given his start near rock bottom, it would seem that he has virtually no other direction available to him than up. Of course, he is also adept at finding ways to reach new lows.

      If Trump does not turn out to be the guy that you claim, botty, then I vow to eternally curse you, just as you and Fwhatever and your ilk have cursed us with your presence on this forum with your incessant, partisan, and often inane posts.

      But hey, whadya expect from a fookin Yankee’s fan?

      1. “Fwhatever and your ilk have cursed us with your presence on this forum with your incessant, partisan, and often inane posts.”

        KingSmell, PreDrugged, Aura Mat, and your ilk have cursed us with your presence on this forum. With your incessant, partisan, and often inane posts.

        Works both ways you stupid libtard moron.

        Have a guilt free day … 😆

      2. Hey Vagisil Mel, call my mom a whore, my children methheads, kick my dog….if you insult the Mighty New York Yankees again, a catastrophe of biblical proportions will harangue you and your homosexual progeny…

        forever.

    2. Just love when you explode Melvin’s libtard head. Only his opinion matters, and his ilk (one of his fav put downs) and no alternative views allowed. Typical, know it all leftist elitist. They can’t think on their feet and handle objective reality, only their limited dogma, pity …

    3. Malfeasance you say….

      employment increase of 11,250,000 jobs since 2009 while decreasing federal government workforce by 354,000. Unemployment rate decreased from 7.8% to 4.7% today. The

      And for those picky people who declare standard unemployment data inadequate, the U-6 underemployment fell to 9.2%, the lowest level since before the 2008 financial crash.

      US economy added jobs every month for the last 75 months, the longest string of employment gains in US history (yes, even greater than the overrated Gipper).

      So now the righties are going to say, well those are all useless jobs at low wages, they can’t possibly be real. Well, interesting you would demand statistical wage growth while objecting to an automatically inflation-adjusted minimum wage. But anyway, growth in average hourly earnings has grown steadily since 2008, reaching a 2.9% year over year increase. In other words, for a rare time in the last generation, wages are actually outpacing inflation.

      Considering Georgie Dubya Bush presided over the biggest increase in federal government workers, national debt, and job loss in American history, I would say the Obama administration has done an impressive job getting the US economy on track.

      Go ahead and iCal this so we can compare how Trump does.

            1. oh you found me out Bob! I am the Putin operative that made Trump win…please don’t squeal on me and Boris & Natasha and our covert operation to destroy “The Blue Wall.”

              “At long last, have you left no sense of decency?”

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