Wall Street’s indexes set new records again, The Trump Policies are working
President Trump is the main reason for the recent strength in the stock market, more so than the impartial evaluations of how the economy is performing, Nobel-prize winning economist Robert Shiller said during a appearance Sunday.
Dr. Shiller credited President Trump for an emotional high that is currently felt throughout the market and which shows no signs of slowing down, explaining that “He is a motivational speaker. We have never had a motivational speaker president before. He knows how to create animal spirits.”
Dr. Shiller, who predicted both the Y 2000 stock market plunge and the Y 2006 housing bubble, said that psychology plays a large factor in influencing market forces.
“It may not be so logical,” he said. “It may be more, as I said, of animal spirits. This is an emotion that you feel at a certain time that you sense you see in other people. So when you see other people feeling confident about the market, you feel more confident yourself.”
As he looks ahead toward Y 2020 and an election year, he said a recession is probably years away and there is a very good chance that President Trump will win a 2nd term.
Dr. Shiller, who is not serving as a Presidential campaign advisor, said that “We might see a continuation of the Trump boom for a while despite the impeachment.”
Sales of new US homes increased in November, capping the best 3 months for demand since Y 2007 and reflecting sustained momentum in a residential real estate market that’s helping to underpin the economy.
Single-family home sales rose 1.3% to a 719,000 annualized pace from a downwardly revised October, government data showed Monday. In the three months through November, purchases averaged a 720,000 pace, the strongest in 12 years.
Monday, the major US stock market indexes finished at: DJIA +96.44 at 28551.44, NAS Comp +20.69 at 8945.66, S&P 500 +2.79 at 3224.01
Volume: Trade on the NYSE came in at 784-M/shares exchanged
- NAS Comp +34.8% YTD
- S&P 500 +28.6% YTD
- Russell 2000 +24.1% YTD
- DJIA +22.4% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Very Bullish in here, a Santa Claus Rally is happening.
Investors will not receive any economic data Tuesday, which will be a half-day of trading stock market will close at 1:00p EST.
Have a Happy Christmas!