For the first time ever, the Dow Jones Industrial average crossed 20,000 points.
Investors celebrated on Wall Street Wednesday, with the Dow now up more than 1,600 points since President Trump was elected. Some analysts said the jump in stocks is a reflection of the growing economy Trump inherited from former President Obama.
Wall street appears to be betting that Trump’s plan to slash taxes and ramp up infrastructure projects will make the economy grow even faster.
“By and large anybody who’s in a 401K, who’s in a pension plan, who has any kind of investment, typically means you own stocks, you are long stocks. You are making money today,” Keith Bliss of Cuttone & Co. said.
The Dow stayed above 20,000 straight to the closing bell, with stock traders unsure how long the rally will last.
The increase in the Dow has many people optimistic about the direction of the economy, including union leaders who opposed President Trump during the election.
President Trump invited union leaders to the White House, Monday and underlined a campaign promise to build American infrastructure with American hands and quickly made good on that promise by signing an executive order to terminate the Trans-Pacific Partnership Trade Agreement. The next day, the president said that U.S. Steel would be used to build the Keystone Pipeline.
During the election unions largely backed Hillary Clinton, including the Blair-Bedford Central Labor Council. The president of that group said he is happy Trump extended an olive branch and said the union workers will get the job done.
“The crafts are better educated. We have our own apprenticeships, and we make sure that people we send out to the jobs get the jobs done on time and under budget and that’s kind of what he likes to hear,” Robert Kutz said, noting that President Trump has hired union labor to build many of his towers and buildings across the country.
While Kutz still believes many republicans are anti-union, he’s optimistic that President Trump will be a strong supporter of blue-collar workers.
