The U.S. stock market has been on an unprecedented upward climb since President-elect Donald Trump won the White House.
Trump’s election sparked the biggest one-month S&P 500 rally in its 93 years of existence. The index rose nearly 5 percent from Nov. 9 to Friday morning, breaking the previous 30-day record set after the election of President Richard Nixon. (The S&P sat at 2,250.97 as of 9:48 a.m. Friday morning.)
The Dow Jones Industrial Average, over the same period, gained nearly 7 percent, the second-largest one-month gain in the first 30 days after a presidential election. The benchmark index gained over 1,000 points in just the first week after the election.
U.S. markets did not react favorably after President Barack Obama won his first term, slumping heavily in the first 30 days after he defeated Sen. John McCain, R-Ariz.
One of the reasons markets are soaring is undoubtedly that the president-elect made his plans for massive deregulation well known.
He promised to end “all unnecessary regulations” imposed on the energy industry, to “dismantle” the 2,300-page Dodd-Frank Wall Street Reform and Consumer Protection Act, and to put a moratorium on any new regulations when he takes office.
In addition to his deregulation agenda, Trump’s tax plan is likely to be pro-business. His plan aims to lower the corporate income tax rate from 35 to 15 percent, and promises the lowest income tax rates since before World War II, shrinking the tax brackets from seven to three.
This article originally was published by The Daily Caller News Foundation.
