Presidents like to take credit when the stock market is flying high, but often look for scapegoats when it corrects itself back to reasonable levels. President Trump has wasted no time in claiming credit for the record number on the Dow Jones Industrial Average hitting over 22,000 for the first time in stock market history. Meanwhile, President Trump’s approval numbers have slipped in the opposite direction, and it may set a record, though not one a president would be proud of.

First, CNBC reports on the stock market boom and the President’s cheering via his twitter account:

Almost exactly a year ago, Donald Trump dismissed the stock market’s rise under President Barack Obama as a “big bubble.” Now President Trump is cheering as the Dow reaches 22,000 for the first time.

A surge in Apple stock carried the Dow past the milestone Wednesday right after the opening bell. The average is up more than 3,600 points since Trump’s victory last November.

Wall Street’s record-shattering performance is a bright spot for an administration mired in legislative failure and internal turmoil. Instead of warning about a market bubble, as Trump did repeatedly as a candidate, the White House now cites the stock records as affirmation of his policies.

Trump has broken with precedent by frequently bragging about the market, often on Twitter, and cheering for it to go much higher.
He did it again on Tuesday before trading even began.

“Stock Market could hit all-time high (again) 22,000 today,” Trump tweeted 41 minutes before the opening bell on Wall Street — and, it turned out, a day early.

Here’s the chart since Election Day to illustrate just how dramatic the rise has been:

Trump Stock Market Chart

As a candidate, Trump was frequently calling the stock market a “bubble” that wouldn’t last under Obama’s economy. Well, not too much has changed on the economic policy front since Trump took office, yet the market has continued climbing. At some point, the market will correct, which is why presidents often steer clear of claiming too much credit for a booming market. Trump can’t help himself, however, he’s got to grab credit for every good thing happening under his watch, regardless of his level of involvement with it.

Speaking of numbers, the President has now hit an approval number lower than any number President Obama received during his entire eight years, according to Rasmussen:

The Rasmussen Reports daily Presidential Tracking Poll for Wednesday shows that 38% of Likely U.S. Voters approve of President Trump’s job performance. Sixty-two percent (62%) disapprove.

Trump’s overall approval numbers this week are lower than any Barack Obama received during his entire presidency.

For the record, here’s Trump’s approval since Inauguration Day:

Trump Approval Rasmussen

Not going to see this one touted over at @realDonaldTrump anytime soon, that I can tell you, believe me.

13 COMMENTS

  1. Wall Street’s record-shattering performance is a bright spot for an administration mired in legislative failure and internal turmoil. Instead of warning about a market bubble, as Trump did repeatedly as a candidate, the White House now cites the stock records as affirmation of his policies.

    A story from MSNBC, that is a real unbiased source. Will you next have a story from Breitbart extolling the greatness of President Trump? ?

    An administration mired in legislative failure and internal turmoil. That is really a rich line. Should it instead read about an administration mired in legislative failure due to the obstructionism of WEENIE Democrats and liberal holdovers who were mostly appointees by O’Bugger who are doing their damndest to sabotage President Trump??

    As far as the stock market goes, everyone knows it is CYCLICAL. Up one day and down the next. This happens under every president, only some presidents like President Trump could rightly take credit for upturns. His economic policies in 6 months in office have created a boom in the market. How long will it last, nobody knows. One thing for sure, I can’t remember an economic policy of the COMMUNITY ORGANIZER that stimulated the DOW JONES at all.?

  2. If the stock market trend holds through the end of the trading day on Friday, Trump will rank second among Republican presidents in terms of stock market gains in the early days of a new administration — behind George H.W. Bush. Still, the market would have to climb 3 percentage points more for Trump to match the stock performance of his Democratic predecessor Barack Obama.

    It is true the unemployment rate has dropped from 4.8 percent to 4.3 percent under Trump’s watch, and the stock market is hitting record levels. However, while Trump is busy tooting his own horn, he is ignoring the troubling undercurrents that cyclical stocks are causing on his watch. Automobile sales, the heart of the manufacturing economy, are in a months-long swoon. Both General Motors and Ford on Monday reported that their sales had slid 5 percent in June as the industry’s workers continue to be hit with layoffs. U.S. factory output fell in May, while new orders for durable goods such as furniture, electronics and appliances declined, as well. Construction of new homes fell to an eight-month low. Overall, the 362,000 jobs added from March to May are the fewest for a three-month period since mid-2012.

  3. It is ironic that Trump is supposed to be a “populist,” and yet, Wall Street is the primary beneficiary of his tenure.

    • The term populism has more to do with what is being communicated, rather than real life effects. Trump’s campaign and administration have deployed textbook far right populism, albeit in such an incompetent fashion that even among their target audience many have rejected them.

      Having said that, not a single piece of legislation has been passed under Trump that could have had any impact on the economy. Taking credit for your predecessors accomplishment, while simultaneously working to undo those accomplishments, is also a common trait in far right populism.

  4. It makes no sense. Trump has been delivering on all of his campaign promises, making him the greatest since Reagan and he therefore deserves far greater approval rating levels. He has my vote in ’20, having already earned it!

  5. Polls are not facts and should not be considered as absolute. Donald Trump made hundreds of promises, pledges and threats on his road to the White House. Turning campaign rhetoric into action is much more complicated as Donald Trump has discovered. An example: Trump promised that on his first day in office he would repeal the ACA (Trump calls it Obamacare). An empty promise. The Wall was a key promise but Trump can’t get Congress to open the purse. Another empty promise. The key question is, what has Trump accomplished to help the needy who voted him in office? Just more empty promises.

    • Did the other president’s fulfill all their promises? Remember Trumps only been in office for 7 months.

      • True, no president has fulfilled all their promises but Trump promised a “100-day action plan” and his time is up. Trump made several pledges about the first paper he would sign, as well as what would he would do during his first minute and first hour as president. He kept none of them.

        I realize Trump supporters see his presidency differently. He is loudly praised for responding to a chemical attack in Syria with airstrikes, for undoing Obama-era regulations on the environment and business, for helping steal the seat for a conservative supreme court justice, and for not letting people tell him what he can’t do. It was also cool when he climbed into that truck and honked the horn.

        Like Trump, they forgets his divisive and failed travel bans, his blatant and insulting duplicity when it comes to voter fraud or crowd size, his impulsive conduct of foreign policy, his failure to divest from the Trump Organization, his embrace of Wall Street and of foreign dictators, his addiction to cable news, and a lack of policy seriousness which leads him to confuse Iraq and Syria, confuse which direction the navy is sailing in and to say things like, “Nobody knew that healthcare could be so complicated.”

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