Wall Street Gave Trump's Speech a Big Thumbs Up
Early indications show a clearly positive reaction to President Donald Trump's speech to Congress Tuesday night from both Main Street and Wall Street.
Stocks shot up immediately to record highs Wednesday morning, with the Dow crossing 21,000 for the first time. It was only a little over a month ago when the Dow reached its first close above the historic 20,000 level.
Investors clearly like the president's plans for cutting taxes on businesses and individuals, along with rolling back Washington's heavy burden of regulations that many analysts believe have stifled economic growth. And that has led to the huge rally we've seen in stocks since the day after Trump was elected.
Of course, we're still in the beginning of the process. We don't know how deeply taxes will be cut, and how the final bills from Congress will actually affect businesses and consumers. But for now, Wall Street is clearly happy.
Yes, there will be corrections along the way, and some of them could be pretty scary. That's normal. But this bull market is far from over. We'll be hitting 22,000, then 23,000, and higher levels in the months and years ahead. Longer term, 27,000 to 30,000 is not out of the question.
-Drew Parkhill is the CBN News Financial Editor.
