Society

Dow Continues To Surge After Trump's Election

| by Ray Brown

The Dow has increased 1,200 points since President-elect Donald Trump won the presidency Nov. 8.

According to CNN Money, the Dow is only 500 points away from the pivotal 20,000 milestone.

Equities are also reportedly headed toward record highs.

“I think it’s continuation of the view that the new administration will be pro-business," said Ernie Cecilia, chief investment officer of Bryn Mawr Trust in Bryn Mawr, Pennsylvania, according to Reuters.

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"If you're not in equities, you're crazy," said Neil Hennessy, president of Hennessy Funds, according to CNN Money.

Strong increases in transportation stocks could also indicate further gains, say those who describe a parallel between transportation and the Dow.

"You're going to have these [software] programs that are now going to say Dow Theory has been confirmed and they then initiate buy orders, which creates more fuel for the fire," said Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York, according to Reuters.

Although the Dow has increased after Trump's election, the current trend was predicted by some analysts back in April -- no matter who won the election -- including Zor Capital’s Joe Fahmy, who said the Dow would reach 20,000 by the end of the year.

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“Most people who don’t agree with this call will state the following headwinds: China, oil, slowing earnings, and election uncertainty,” Zor said, according to MarketWatch. “Keep in mind, the market is a discounting mechanism and has a mind of its own. It tends to trade on what will happen 6-9 months from now.”

Sources: CNN Money, MarketWatch, Reuters / Photo credit: thetaxhaven/Flickr

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