New York – Dow Breaches 21,000 As Banks Gain On Rate Talk

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    Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 18, 2017.  REUTERS/Brendan McDermid New York – U.S. stocks opened at record intraday highs on Wednesday, with the Dow breaching the 21,000 mark for the first time ever as a more measured tone in President Donald Trump’s speech reassured investors and bank stocks gained on higher chances of an interest rate hike this month.

    The Dow Jones Industrial Average was up 184.17 points, or 0.88 percent, at 20,996.41, the S&P 500 < .SPX> was up 18.65 points, or 0.789037 percent, at 2,382.29 and the Nasdaq composite was up 49.66 points, or 0.85 percent, at 5,875.10.

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    10 COMMENTS

      • If the market is a gauge on our economic strength, I didn’t hear any of you crediting Obama for almost tripling the S&P 500, or Clinton almost Quadrupling it. In the meantime, under Bush it fell 35%.

        In any case, the valuation of a company is based on potential after tax income, which can go up in two ways. Either the overall income is increased, but it may just be by reducing their tax bill thereby increasing their after tax income.

        You may want to argue that reduced tax will cause economic growth, but there is no evidence that investors believe that overall income and the GDP will increase. A reduction of corporate income tax from 35% to 15% would definately make corporation more valued, the question is who ends up benefiting, and who will be footing the bill, the Rich, Middle class, or the poor.

        • I concede that Obama does get credit for the uptick in markets. But I have mixed feelings. He did a great job lashing out the fires of the recession. But the slow recovery was by enlarge thanks to the ACA and regulations. Small business owners have told me that they can’t hire as much because under the ACA they have our required to provide health insurance which is too costly.

          Secondly, the market increased about 20% in 3 months. That’s greater than 400% in 7 years if you do the math.

          Thridly, tax cuts for big corporations do help the middle class in many ways. Firstly, most middle class have 401k’s. So while the rich get richer so do we. Secondly, companies whose stock go up hire more middle class workers and add a little more to the year end bonus.. I work at such a company with over 25,000 employees. So If Trump’s way is via tax cuts that’s fine.

          Investors do believe that GDP will rise as well. They like that jobs will be in the USA and they like infrastructure jobs. So what you are arguing is fake news.

          Lastly, small business confidence is at a 15 year high. Small businesses are the engine of the economy and its not just tax cuts that are making them confident.

          • Uh oh! Trolling again when some people here want to have a serious discussion? Why don’t you get busy with those two polls you wanted to take yesterday. That ought to clear the comment board for a bit until you’re done.

            • This is a serious intellectual discussion. If all you have is to resort to name claling instead of intellect then quit while you are ahead. I know it hurts that you lost and we won but get over it.

              I am a proud troller so get use to it.

            • I disagree. Carter and LBJ were far worse.

              The man did get Bin Laden.

              Obama also had moral standards and strong family values which is important in a president

              Obama deserves credit for the stimulus and bailouts which helped kickstart the economy. yes he is to blame for the anemic growth. But he was not the worse president.

              I like Trump a lot better but I believe in intellectual honesty.

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