Business & Tech

Trump credits market rallies with confidence in his administration

epa05795769 US President Donald J. Trump waves outside the entrance to the West Wing after seeing off Israeli Prime Minister Benjamin Netanyahu (not pictured) following their meeting at the White House in Washington, DC, USA, 15 February 2017. This is the first official meeting of the two leaders since President Trump has taken office. EPA/MICHAEL REYNOLDS

Michael Reynolds/European Pressphoto Agency

President Trump waved outside the entrance to the West Wing Wednesday after seeing off Israeli Prime Minister Benjamin Netanyahu (not pictured) after their meeting at the White House.

President Donald Trump credited high confidence and optimism in the early weeks of his administration for new stock market highs, despite his low approval ratings, and suggested markets will act even more favorably once the White House and congressional Republicans roll out a new blueprint for tax cuts in the coming weeks.

“Stock market hits new high with longest winning streak in decades,” the president tweeted on Thursday. “Great level of confidence and optimism -- even before the tax plan rollout!”

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Global equities just vaulted to their first record in 18 months Wednesday amid the longest streak of gains in the S&P 500 Index since September 2013, and futures on the Dow Jones Industrial Average were up 19 percent since their election night lows.

On Thursday, U.S. stock-index futures were slightly down after Wall Street’s seven-day winning run. S&P 500 futures expiring in March dropped 0.2 percent to 2,346.75 at 5:58 a.m. in New York.

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Trump has a 40 percent job approval rating, according to Gallup’s most recent three-day rolling average.

Trump’s campaign call to cut the corporate tax rate to 15 percent from 35 percent goes further than House Republicans’ plan of last year to cut the rate to 20 percent. Trump last week said he is working with House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell on potential tax measures.

With assistance from Joseph Ciolli and Blaise Robinson.
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