Trump Claims Credit for Record Stock Rally After Midterm Upset
The Dow jumped 1,519 points on Wednesday, while the president posted that 401(k)s were through the roof following Democratic gains.
By Robert Ward ·
President Donald Trump posted to Truth Social on Wednesday, attributing a record high in the stock market to his administration's performance less than two years after taking office.
The president wrote, “Stock Market just hit another Record High, 91 Days in just a short period of time, Less than two years. Your 401(k)s are through the roof. Record Setting All! President DONALD J. TRUMP.”
U.S. stocks climbed sharply on Wednesday after the Republican Party lost sole control of Washington. The Dow Jones Industrial Average rose 1,519 points, a 2.9% increase, while the Nasdaq composite gained 1.9% by Wednesday afternoon.
Market analysts suggest the rally stems from a preferred political scenario, as Democrats appear poised to take control of both the Senate and the House of Representatives.
Stocks have historically performed well in the months following U.S. midterm elections, regardless of the outcome, but this cycle saw multiple GOP states and government positions flip to the Democrats.
In a Fox News interview, Trump said he would work with the new congressional leadership, noting that the Democrats fought hard against him for a long time.
The president added that he believes the Democrats want to collaborate with him as he retains executive authority over defense, foreign policy, and trade.
More Business · Consumer Alerts · Report a business · Got a Story?
