The Dow hit 29,000 this morning. Wow!
The president tweeted yesterday:
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Source: Twitter
Trump is the only President and perhaps only leader ever to make public comments on the stock market and to take personal credits for markets moving higher. He however forgets that only slightly more than half of Americans own stocks and even for most of these, their portfolio is not large enough to substantially benefit from a US bull market which is reserved largely for the 1% of high net worth Americans like him. He sees the success of Wall St as his personal success, and on that you can believe that as long as he is in power, he would do everything he can to see a higher Dow en route to his elections.
But a higher Dow that is increasingly divorced from earnings fundamentals is as FAKE as his tweets. It is an illusion if it is meant to reflect the success of the US economy because Wall St has parted ways with Main St awhile back.
Markets rising on the back of Trump is an eventual recipe for disaster - the day he is no longer in office . Do the world want to see 4 more years of him so we can perhaps enjoy another 4 years of unmitigated US stock market rally, but one we do not necessarily share nor enjoy in proportionate terms?
