Donald Trump has been bragging about how the stock market has appreciated since he took office. Less than a week ago, he pointed out a 1-day gain of almost 10% by the Dow-Jones Industrial Average, the basis barometer used by investors to gauge the market.
It is certainly true that if you invested in the market the day Trump was inaugurated and then sold everything about 10 days ago, you would have a very big gain. But that was 10 days ago. Today, you would basically be back to where you started.
The D-J 30 Industrials closed downed 6.3% today at 19,898, just 71 points above the closing price the day Trump took the oath of office. Nobdody thinks we’re anywhere near the bottom of this market correction so the Trump “rally” should be in the red by the end of the week.
However, people who invested in the Obama rally are singing a much different tune. The D-J was up 55.1% during the 8 years he was in office.
But hey: The 1% got their tax cut, and that’s what really counts.