Remember how worried the know-it-alls were about the economy should Brexit pass? Oh, the doom and gloom. The sky really was going to fall and all that leftwing fear-mongering. The gloom and doomsters.
That pulled that same garbage with Trump — but he is a capitalist – not the radical capitalist that I am but still, he’s a businessman and that is good for the economy, good for country, and good for you and me. And good for the stock market, too.
Brexit had the opposite effect on the markets than what was forecast and so did Trump’s election. The Dow Jones industrial index hit an an all-time high Wednesday, reversing a massive drop triggered by President-elect Donald Trump’s improbable win.
The invisible hand of the marketplace is a force for good. The bureaucrats and cleptocrats and corruptocrats in the government have gorged themselves at the trough long enough. Purge the parasites.
“Dow closes at all-time high,” The Hill, November 10, 2016:
The Dow Jones industrial index hit an an all-time high Wednesday, reversing a massive drop triggered by President-elect Donald Trump’s improbable win.The Dow surged more than 300 points briefly Wednesday afternoon, finishing with a 250-point rise. The Nasdaq and Standards and Poor’s 500 industrial index rose roughly 1 percent each.
Wednesday’s surge reflects a promise of business-friendly, growth-focused policies from Republicans, who gained control of the White House while maintaining control of Congress.
Stocks initially plummeted as Trump’s election became clearer Tuesday night and early Wednesday morning. Dow Jones futures tanked more than 800 points, and trading on Nasdaq and S&P futures was halted until morning open.
Markets struggled to make sense of Trump’s win by sunrise before certain industries posted huge gains. Stocks for private prisons and coal companies boomed, while gun and marijuana company shares fell.
Stock photoThose gains reflect a potential break from President Obama’s move away from private prisons and likely repeal of his administration’s environmental regulations. Gun stocks typically soar on Democratic talk of gun control laws, reflecting an expected increase in sales. A Republican government would likely create less pressure.
Marijuana stocks declined largely due to Trump’s lack of clarity on how he’d handle the drug.
The Mexican peso stabilized after overnight declines, trading 19.92 per dollar. Trump’s promise to renegotiate the North American Free Trade Agreement and make it harder for Mexican workers in the United States to send money home is expected to hurt Mexico’s economy.