President Donald Trump took to Twitter on Thursday morning to revel in the recent highs for the stock market and consumer confidence that have been set over the past few days.
“Since November 8th, Election Day, the Stock Market has posted $US3.2 trillion in GAINS and consumer confidence is at a 15 year high. Jobs!” Trump tweeted.
The tweets echo Trump’s speech to the joint session of Congress on Tuesday night in which he said, “The stock market has gained almost three trillion dollars in value since the election on November 8th, a record.”
The Dow Jones industrial average cracked through 21,000 on its way to a record-high close on Wednesday. The index jumped from 20,000 to 21,000 in just 24 trading days, tying the record for the fastest move between two 1,000 point landmarks.
Analysts cited Trump’s statements endorsing lower corporate taxes and infrastructure investments as part of the reason for the 303 point pop in the Dow on Wednesday.
Trump, in the tweet, also referenced the increase in the Conference Board’s Consumer Confidence index, which ticked up to 114.8 for the month of February. It now sits at its highest level since July 2001.
While these are useful indicators of enthusiasm in the economy, recent hard data — or data measuring actual economic activity — has been mixed as retail sales and jobs gains have been strong while construction spending, pending home sales, and vehicle sales have been weak.
It remains to be seen whether or not the enthusiasm for Trump’s economic agenda has translated into improved growth.