THE Donald Trump was on Wall Street on Thursday (12.12.2024), along with a crowd of America’s business elite, and rang the bell to start breakfast stock exchange.
The mood at the opening of Wall Street was festive. The president-elect had just been named Time’s Person of the Year, and the stock market has soared to new heights since the election of Donald Trump.
Trump’s appearance on the stock market was a reminder of the high value he places on market opinion. History may repeat itself and with his election there will be another economic boom, unless there is an economic death – that is expected to be seen in the future.
Trump takes office with an American economy that is the envy of many other countries, with steady growth of 2.8%, unemployment near an all-time low of 4.2% and that mysterious ingredient known as “productivity” on top, according to with the head of the central bank of America, Jerome Powell.
All of this combined to push US stocks to record levels: The Dow Jones industrial average is on track to end the year up more than 17%.
The S&P 500, a larger index made up of America’s 500 largest companies, is up 28% since January, while the Nasdaq, where tech companies have a significant presence, is up more than 40%.
Trump said: “The media has calmed down a little bit. We like them a lot better now I think. If they don’t continue like this, then we’ll just have to take them on and we don’t want to do that.”
Trump to Wall Street today: “The media is tamed down a little bit. They like us much better now I think. If they don’t, then we’ll just have to take them on again, and we don’t want to do that.” pic.twitter.com/kx3sx10Tn3
— Ron Filipkowski (@RonFilipkowski) December 12, 2024
Investors are hoping for more, with the Trump administration expected to loosen regulations and approve takeovers that may have come under fire during President Joe Biden’s administration.
At the stock market Thursday, a who’s who of the business world gathered, including Goldman Sachs boss David Solomon and Target chief Brian Solomon. The president-elect was greeted with sustained applause and whistles, which later gave way to chants from the crowd chanting, “USA! USA!”.
Trump rings NY Stock Exchange bell, which ignites “USA” chants!
Wall Street shows faith in President-elect Trumps economic vision. Jobs, prosperity, and MAGA! #TrumpRally #EconomyFirst pic.twitter.com/3afkB2cIfK
— Grim (@MadWokeNews) December 12, 2024
However, analysts have warned that current highs may be difficult to sustain next year.
Job creation is already slowing and price inflation is proving persistent.
Many of Trump’s priorities – including cutting government spending, imposing tough broad-based trade barriers and starting mass deportations of immigrants – if implemented, could pose further challenges to US growth.