President Donald Trump’s economic rebound has seen the Dow hit 30,000 points for the first time, but consumers are not confident about the future.
Trump: “It’s a sacred number, nobody thought we’d ever see it.”
The Dow Jones rose to 30,000 points for the first time in history, trading 1.75% higher on Tuesday. All other stock markets posted similar gains, with the Nasdaq rising 1% and the Russell 2000 also reaching an all-time high.
“The stock market just broke 30,000. This number has never been broken. That’s a sacred number, 30,000, nobody thought we’d ever see it, “President Trump said at a press conference in the White House.
“It’s the ninth time since early 2020 and it’s the 48th time we’ve broken records during the Trump administration, and I just want to congratulate everyone within the administration who work so hard,” President Trump continued I thank the American people.
One possible reason for the surge in equity markets, and the Dow in particular, is President Trump’s Operation Warp Speed, where the government works with pharmaceutical manufacturers to produce a coronavirus vaccine in record time.
“I’m very excited about what happened on the vaccine front. It was absolutely incredible,” said President Trump. “It has never happened medically and people acknowledge it and I think it has a big impact.”
– Donald J. Trump (@realDonaldTrump) November 24, 2020
When Biden tries to take office, consumer confidence falls
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However, consumer confidence for the next year does not appear to be rising. The Conference Board’s consumer confidence index spiked on news that President Trump was elected back in 2016. However, this was not repeated on the assumption that Biden won the election.
Consumers who expected business conditions to improve in the next 6 months fell from 36% to 27.4%, and those who expected more jobs to be created in the next 6 months went up from 32% 25.9% back. Confidence has not yet returned to pre-coronavirus levels.
This narrative isn’t something you would see in the mainstream media, however. When CNN mentioned previous Dow gains, it implied that the stock market jump was due to Biden’s team receiving transition tools, rather than President Trump’s hard work.
No bias. None. No pic.twitter.com/6ynpfY024j
– Erick Erickson (@EWErickson) November 24, 2020