President Trump is once again a leading cause for the latest surge in U.S. stocks. Or so he claims. The Dow Jones Industrial Average (DJIA) closed near session highs on Friday and held above 28,000 to close the week at the highest level in recorded history.
That was enough impetus to challenge his Democratic critics on Twitter where he once again cheekily referred to Rep. Adam Schiff as “Schitt.” According to his Saturday morning post, an impeachment would lead to the greatest depression the U.S. has ever experienced:
Despite a boom in major U.S. indices, the president appears to have ignored other crucial areas of the economy. On Friday CCN.com reported that a manufacturing recession already puts the U.S. economy on track for its worst quarter under Trump.
Global markets analyst Charlie Billelo last week noted the frequency of Trump’s tweets in relation to an almost daily close on the indices. As the impeachment inquiry continues, followers should expect more of the same antics via the short-form social media platform.
The president has thus far positioned himself in a ‘heads I win, tails you lose’ scenario. For now, at least, the bulls are firmly in his corner.
The Dow Jones Industrial Average closed the week some 419 points higher, or 1.52%, at 28,000.41.
Of the three major US stock market indices, the Nasdaq outperformed by crediting investors with a five-day turnaround of 3.21%. The S&P 500 brought up the rear rallying 1.28%.
While a few Twitter followers credited Trump for their impressive portfolio gains, others were not convinced. Some went so far as to attribute a potential impeachment for the impressive moves.
As one user writes:
Pretty sure getting a criminal out of the WH would boost the markets, but let’s impeach you and find out.
The great depression of the 1930s lasted ten years and wiped out 89% of the Dow’s value. To put that in perspective, if Trump’s “biggest FALL in market history” ever proved to be true, that would see the DJIA lose around 90%.
At 2,750, that’s a staggering 25,000 points below Friday’s close, a level not seen in almost 30 years.
Last modified: September 23, 2020 1:16 PM