All eyes are on the stock market this morning as we watch to see if the “Trump Bump” takes the Dow over 21,000.
The market closed up ten points on Friday, the 11th straight day of increases. Joe Ciolli follows the market for Bloomberg News and says a lot of businesses like what they hear. “These pro-business policies that Trump has proposed, the tax reform in terms of repatriation of overseas cash, these things are seen as extremely bullish for the industries that are most closely touched by them,” says Ciolli. The Dow hasn't seen a bull market streak this strong since Ronald Reagan. An up market at the close today sets a new historic record for the longest streak ever. But Ciolli says this would have happened regardless of who won the election. “Stock gains in the stock market have been expanding since last March, and so there’s a lot of people I’ve been talking to who say it doesn’t matter who won the election, anyone would have inherited this “Trump bump,” he says. Ciolli says pre-election corporate earnings are fueling the increase now, but there's no discounting that we're in historic territory and we haven't seen this kind of growth since Ronald Reagan sat in the Oval Office.