Dow Tops 22K but Market’s Foundation Has Cracks – Ep. 272
Trump Takes Credit for Dow Jones 22K
We have an all-time high in the Dow Jones today, closing above 22K for the first time ever. Donald Trump did not tweet about this today, although yesterday he did put out a tweet that the market was about to hit 22,ooo; of course he is claiming credit for it. In fact he pointed out in his tweet that when he was elected, the Dow was 18,000 and not it is 4,000 points higher and of course he is claiming credit for it. He says the media is ignoring it. They are reporting on the record highs, but believe me, when the Dow starts falling the media is going to pay a lot more attention to the declines than they do to the rises, especially when the Dow starts falling the media is going to pay a lot more attention to the declines because Trump has already branded this market with his moniker.
Bad Economic News Did not Dampen Stock Market
Donald Trump did put out a tweet in which he was bragging about wages rising. I don’t know what Donald Trump is looking at – we got the personal income and spending numbers yesterday, and June income was flat. They were looking for a gain of .4 and instead they got a flat number. That was the weakest number for personal income growth since November – the month Donald Trump won the election. He’s talking about the wage gains, where are they? They don’t show up in personal income, and most people’s income is comprised of wages.This weak economic news didn’t stop the stock market from making new highs today. Of course, Apple was the main reason – it had almost a 5% gain.
Source: Peter Schiff