(National Sentinel) Economy: So much winning. That’s what Donald J. Trump promised us as the Republican presidential nominee. And 10 months into his presidency, the country has already notched some yuuuuge victories.
U.S. stocks reached record highs on Friday as investors bet on another strong earnings season.
The S&P 500 rose 0.2 percent and hit an all-time intraday high, with information technology and materials leading advancers. The Nasdaq composite also hit a record, advancing 0.3 percent. The Dow Jones industrial average traded 49 points higher and notched an all-time high.
Bank of America jumped 1.6 percent on better-than-expected earnings. Netflix added 1.5 percent, crossing above $200 for the first time to an all-time high as investors bought the stock ahead of its earnings next week.
The three major indexes were also on track to post slight weekly gains. The S&P 500 and the Dow were poised to post five consecutive weekly gains, while the Nasdaq was on track for three.
“People are generally expecting a strong earnings season,” said Tom Martin, senior portfolio manager at Globalt.
“The good news is the number of companies currently beating estimates, and the margin by which they are doing so, is running at a clip well above what these same 31 companies have recorded, on average, over the past three years,” adds Nick Raich, CEO of The Earnings Scout, in a letter to clients.
Meanwhile, consumer confidence just happens to also be at new highs, per Bloomberg:
U.S. consumer sentiment unexpectedly surged to a 13-year high as Americans’ perceptions of the economy and their own finances rebounded following several major hurricanes, a University of Michigan survey showed Friday.
The jump in sentiment, which was greater than any analyst had projected, may reflect several trends: falling gasoline prices following a hurricane-related spike; repeated record highs for the stock market; a 16-year low in unemployment; and post-storm recovery efforts driving a rebound in economic growth.
The advance in the main gauge spanned age and income subgroups as well as partisan views, according to the report. Almost six out of every 10 consumers thought the economy had recently improved in early October, the university said.
“While the early October surge indicates greater optimism about the future course of the economy, it also reflects an unmistakable sense among consumers that economic prospects are now about as good as could be expected,” Richard Curtin, director of the University of Michigan consumer survey, said in a statement. “Indeed, nothing in the latest survey indicates that consumers anticipate an economic downturn anytime soon — which contrarians may consider a clear warning sign of trouble ahead.”
As in the past committed Leftists in academia, the media and on Capitol Hill will credit everything and everyone except the president of the United States. But you can bet your assets if markets and consumer confidence were down he’d get all the blame.
Cutting red tape, reshaping policies to reduce the excessive role of government in the economy, reforming health care in a meaningful and competitive way and pushing for major tax cuts for job creators are having a cumulative effect — both on the economy and on Americans’ attitudes about the future.
That’s Trump — not Obama, not Hillary, not Democrats, and certainly not Congress — Trump.
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