The stock market hit another all-time high on Friday, but the "fake media" didn't spend much time covering that, President Donald Trump complained Saturday on Twitter.
On Friday, stocks hit record closing highs and the S&P 500 posted a sixth week of gains, and experts said the spike was because of growing hopes that Trump's tax reform plan could move forward.
"It's just a reaction to the thought that just maybe there might be something coming from Congress in the way of tax reform," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.
"Everybody had kind of given up hope, and after the comments over the last 24 hours, people are like, shoot, this may actually happen."
Stocks had also rallied following Trump's election last November, due to his promises that he would cut taxes and reduce regulations.
Trump ripped the media again later Saturday, this time for its "lightly reported" coverage of the lowest weekly level of unemployment claims filed since 1973 on Thursday:
The Labor Department reported that only 223,000 Americans applied for unemployment benefits last week, dropping by 19,000 from the previous week, to the lowest level since March 1973 — when Richard Nixon was president.
Overall, 2.07 million Americans are collecting unemployment benefits, down more than 7 percent from a year ago.
The Associated Press contributed to this report.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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