Trump cheers stock market’s ‘longest winning streak in decades’
President Donald Trump used Twitter on Thursday morning to praise the recent stock rally.
“Stock market hits new high with longest winning streak in decades,” Trump tweeted. “Great level of confidence and optimism — even before tax plan rollout!”
It is unclear what Trump was referring to in describing “the longest winning streak,” since there are numerous measures for that, but in any case there has indeed been a sizable run-up in the stock market since the election, with all three major indexes at record highs.
Most recently, the Nasdaq composite index has set a record-high close seven days in a row, which is the longest streak since 1999. Additionally, the S&P 500, the Dow Jones industrial average, and the Nasdaq have all hit closing records at the same time for five straight days, the longest triple winning streak in 25 years.
The impressive statistics don’t stop there.
Stocks have not seen a 1% decrease since October 11, the longest such streak since at least 2006, though that started before Trump’s election in November.
Finally, stocks are in the midst of the second-longest bull market in history, beat out only by the run from 1987 to 2000.
Some of this confidence was backed up Wednesday as retail sales, a more “hard data” measure of how much consumers are actually spending, beat expectations across the board. There is still a gap between the survey-based expectations, or soft data, and the hard data that measures activity, but signs do point to increased confidence.
The final bit of the tweet refers to Trump’s purported tax plan, which Trump cited at meetings with airline CEOs and retail CEOs. Trump has said he wants to lower the corporate tax rate to 15% from the current federal rate of 35%. He told airline CEOs last Thursday that he was releasing something “phenomenal in terms of tax” in the next “two to three weeks.”