Despite the unprecedented economic toll inflicted by the ongoing coronavirus pandemic, the Trump administration can point to one clear sign of hope that a robust recovery is underway.
Bolstered by encouraging news on the COVID-19 front, the stock market reached record highs on Wednesday before faltering later in the week, as reported by the Washington Examiner.
Record highs before a fall
President Donald Trump has frequently cited the fact that America’s economy was booming prior to the crash caused by the public health crisis and associated shutdowns.
Even as millions of Americans found themselves suddenly unemployed, Trump confidently predicted a rapid rebound to pre-pandemic prosperity.
Economic news this week provided apparent evidence of that recovery with spikes across stock market indexes. The Dow Jones average, which hit its all-time high in February, closed on Wednesday within 1.5% of that peak.
The Dow gained 450 points — its best single-day gain since July — while both the NASDAQ and S&P 500 each closed at record highs. California-based portfolio manager Chris Armbruster urged investors to take a long-term approach, noting that the “unprecedented fiscal and monetary stimulus, not only in the U.S., but around the world, is going to provide the economy with a bridge.”
Those Wall Street improvements came on the heels of optimism from within the White House regarding the timeline for developing an effective COVID-19 vaccine.
“So lucky to have me as your President”
Other updates from those fighting the global pandemic include encouraging reports about the possible efficacy of steroids in preventing coronavirus deaths as well as an overall reduction in the nation’s infection rate.
Trump quickly claimed credit for the stock market uptick with a tweet on Wednesday hailing the news.
“The Dow Jones Industrial just closed above 29,000!” Trump tweeted. “You are so lucky to have me as your President.”
He went to predict that Wall Street “would crash” if Democratic presidential nominee Joe Biden wins in November. When the Dow Jones fell more than 900 points the following day, led by losses among tech stocks, the president chalked it up to the impact of misleading polls.
While daily stock market fluctuations are common, other factors like a consistent gain in jobs over the past several months indicate America is already starting to see the effects of Trump’s promised economic rebound.