Getty ImagesDonald Trump stood on Wall Street on Thursday, a euphoric crowd of America’s business elite assembled before him, and hammered the bell to kick off morning stock market trading.
The mood was celebratory. Not only had the president-elect just been named Time person of the year, but the stock market, already up strongly, has surged to new heights since his election.
For Trump, whose public appearances have been relatively sparing since his election win last month, the visit was a reminder of the high value he places on market opinion.
But whether history will look back on his appearance as the well-timed heralding of another economic boom – or a death knell – remains to be seen.
Trump is entering office with a US economy that is, in the recent words of America’s central bank boss, Jerome Powell, the envy of many other countries, with solid growth of 2.8%, unemployment near historic lows of 4.2% and that mysterious ingredient known as “productivity” on a tear.
It has combined to push American stocks to record levels: The Dow Jones Industrial Average is on track to end the year up more than 17%.
The S&P 500, a bigger index made up of America’s 500 largest companies, has surged 28% since January, while the Nasdaq, where tech firms have a major presence, has rallied more than 40%.
Investors are hoping for more, with the Trump administration expected to loosen regulations and green-light takeovers that might have…
