Yes, you have heard this before. The stock market under Trump is booming. This is also the first shopping season of the Trump administration and the people are very optimistic about their financial futures this year.
The Nasdaq composite climbed one-third of a percentage point, hitting intraday and closing records. Shares of Amazon rose 2.6 percent.
The S&P 500 also closed at a record high of 2602.42, a 0.21 percent gain. Shares of retail giants like Macy’s, Nordstrom, and Kohol’s all rose. Shares of Target fell.
The Dow Jones Industrial Average rose 0.14 percent, closing just short of its record high.
The DOW.NASDAQ and S&P are up 31%, 36%, 25% respectively.
Telegram.com has this data as to why things are up.
The 4.1 percent jobless rate is at a 17-year-low and consumer confidence is up from last year, leading analysts to project healthy sales increases for November and December.
The National Retail Federation trade group expects sales for that period to at least match last year’s rise of 3.6 percent and estimates online spending and other non-store sales will rise 11 to 15 percent.
The federation also estimated that of 164 million Americans planning to shop this weekend, 70 percent, or 115 million, would do so on Black Friday.
What a difference an election makes.