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Dow Closes At Record High Day After President Trump's Speech To Congress
Updated March 2, 2017 7:36 AM
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(WASHINGTON, DC) - The Dow Jones Industrial Average closed above 21,000 for the first time in history - less than 24 hours after President Donald Trump gave his first address to a joint session of Congress.

Bryan Renbaum of Talk Media Daily News reports that when U.S. markets closed on Wednesday, the Dow had surpassed 21,100.

The NASDAQ had exceeded 5,900 and the S&P 500 nearly reached 2,400.

Some analysts have attributed the rapid market surge to the economic policies Trump espoused in his Tuesday night speech.

The president proposed $1 trillion in new infrastructure spending to rehabilitate many of the nation's crumbling bridges, airports, roads and failing schools. Trump also proposed a $54 billion increase in defense spending.

Trump also proposed middle-class tax cuts as well as corporate tax cuts in an effort to prevent American companies from relocating to countries with more a competitive tax code and a less onerous regulatory environment.

Trump did not explain how the infrastructure improvements and defense upgrades would be funded or how the government would recoup federal revenue extracted from tax cuts.

But a CNN/ORC poll taken after the speech contended that nearly 60 percent of Americans viewed President Trump's address favorably.

Seventy percent said the policies Trump promoted in the speech would benefit the nation. Seventy percent also said their impression of the president had improved since he took office on Jan. 20.

Treasury Secretary Steven Mnuchin on Wednesday suggested that the administration would fund the proposed initiatives by reducing government spending in other areas.

"Let me just say, the budget's process starts with the president and the administration. But, it goes through a congressional appropriations process. So, this is the startup. And, the administration is going to work with Congress on this," Mnuchin told Neil Cavuto on the Fox Business Network.

"And, we're going to pay for that by cutting other things and not just ballooning the deficit. And, I think, that message is loud and clear," he added.

Billionaire investor and Berkshire Hathaway CEO Warren Buffet said Monday that the recent stock market surge might not be a short-term phenomenon and that investors should consider buying stock.

"We are not in a bubble territory... If rates were to spike, however, then the stock market would be more expensive," Buffet told CNBC's Squawk Box.

Trump in the speech credited himself for the recent stock market rally.

"The stock market has gained almost $3 trillion in value since the election on November 8th, a record," he said.

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