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Trump is essentially the most pro-stock market president in historical past, Wharton’s Jeremy Siegel says

by Index Investing News
November 11, 2024
in Markets
Reading Time: 3 mins read
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The inventory market might take pleasure in an even bigger enhance from President-elect Donald Trump than any earlier administration due to his pro-business insurance policies, in line with Jeremy Siegel, finance professor on the Wharton Faculty of the College of Pennsylvania.

“President-elect Trump is essentially the most pro-stock market president we’ve had in our historical past,” Siegel mentioned Monday on CNBC’s “Squawk Field.” “He measured his success in his first time period by how nicely the inventory market did. You realize, it appears to me impossible he’ll implement insurance policies which can be going to be unhealthy for the inventory market.”

The market already reached new heights in response to Trump’s election win as traders guess that his guarantees of tax cuts and deregulation will propel progress and profit threat property.

The S&P 500 soared 4.66% final week for its finest week since November 2023, buying and selling above 6,000 for the primary time ever. The blue chip Dow Jones Industrial Common additionally climbed above a brand new milestone of 44,000 submit election.

Inventory Chart IconInventory chart icon

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S&P 500

Investments seen as the most important beneficiaries underneath a Trump presidency exploded through the week. 

Tesla, whose CEO Elon Musk is a outstanding backer of Trump, noticed shares skyrocket 29% to return to a $1 trillion market cap. Financial institution shares similar to JPMorgan Chase and Wells Fargo additionally had huge rallies. Bitcoin continued to hit document highs as merchants see looser laws underneath Trump.

Siegel believes that Trump’s company tax cuts from his first time period in 2017 are largely more likely to be prolonged.

“I believe the extension of his 2017 tax cuts, appears to be like just about like a slam dunk, however the growth to all his different tax cuts is definitely going to be way more tough,” Siegel mentioned.

Nonetheless, the president-elect’s commerce coverage, together with his vow to slap steep tariffs on buying and selling companions, might damage progress and inflame inflationary pressures at a time when the Federal Reserve has spent greater than two years elevating rates of interest to deliver down worth will increase.

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