The Dow Jones industrial average's 31% gain during President Donald Trump's first year is the best since Franklin Delano Roosevelt.
The 30-stock index has surged more than 31 percent since Trump's inauguration, CNBC.com reported, noting it is the index’s best performance under the first year of a president since Roosevelt.
The Dow skyrocketed 96.5 percent during Roosevelt's first year in office, CNBC explained. The S&P 500 surged 23 percent during Trump's first year in office.
"This is all about policy," said Bruce Bittles, chief investment strategist at Baird. "You've got lower taxes, less regulation and confidence in the economy is high. Things are firing on all cylinders."
Meanwhile, Wall Street’s main indexes edged lower on Thursday as declines in healthcare and energy stocks paused a rally that had driven the Dow Jones index to its fastest ever 1,000 point gain, Reuters said.
Investors are keeping a close eye on corporate earnings reports, given the runup in stock valuations.
“This might just be a little bit of a pullback, especially after yesterday’s significant gain, until we get further into the earnings season,” said Lindsey Bell, investment strategist at CFRA Research in New York.
However, she said optimism was still intact.
“There is hope and anticipation for progress in policy. Infrastructure will be the next major one, it should help boost economic and corporate activity.”
For his part, Trump says the mainstream liberal media twists the facts and distorts reality.
"Do you notice the Fake News Mainstream Media never likes covering the great and record setting economic news, but rather talks about anything negative or that can be turned into the negative. The Russian Collusion Hoax is dead, except as it pertains to the Dems. Public gets it!" the president recently tweeted.
(Newsmax wire services contributed to this report).
Related Stories:
© 2023 Newsmax Finance. All rights reserved.