Gallup: US Economic Confidence Highest in 9 Years
$DIA, $SPY, $QQQ, $VXX
The election of Donald Trump as President not only helped the stock market to reach record highs, but also has lifted Americans’ confidence in the economy.
Tuesday, The Trump Rally extended with the S&P 500 and NAS Com at record highs.
Gallup’s US Economic Confidence Index last week rose past its prior high of +11 to a reading of +13, the highest ever.
“Americans have viewed the economy more positively since President Donald Trump’s election in November than they did in the nine years prior — largely attributable to improved confidence among Republicans,” Gallup said in a statement.
President Donald Trump ran on a pro-business and pro-jobs platform, harshly criticizing President Barack Hussein Obama for overseeing the weakest economic recovery in the post-WWII era.
While unemployment declined and businesses bounced back from a global financial crisis during Obama’s eight-year tenure, millions of people dropped out of the workforce and wages stagnated.
“Although many aspects of the economy are better now than they were when Obama took office, Trump seized on some of its weaknesses to convince Americans to elect him president,” Gallup said. “Trump’s ability to improve upon Obama’s economic record will go a long way in determining whether Americans remain confident about the health of the economy.”
The index has a theoretical maximum of +100 if all Americans were to say the economy is doing well and improving, and a theoretical minimum of -100 if all Americans were to say the economy is doing poorly and getting worse, Gallup’s statement said.
The economic outlook score was +13, based on 53% of Americans saying economic conditions in the country were “getting better,” and 40% saying they were “getting worse.”
Tuesday, the major US stock market indexes finished at: DJIA +112.86 at 19912.84, NAS Comp +48.01 at 5600.95, S&P 500 +14.87 at 2280.07
Volume: Trade on the NYSE came in heavy with 1.01-B/shares exchanging hands
- Russell 2000 +0.9% YTD
- DJIA +0.8% YTD
- S&P 500 +1.8% YTD
- NAS Comp +4.1% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Bullish (0.30)||Neutral (-0.10)||Bullish (0.46)||Very Bullish (0.54)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.27)||Neutral (0.06)||Bullish (0.42)||Bullish (0.33)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Very Bullish (0.51)||Bullish (0.48)||Very Bullish (0.53)||Very Bullish (0.53)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.37)||Neutral (-0.20)||Very Bearish (-0.71)||Neutral (-0.21)|
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