Stocks go up, stocks go down – but that hasn’t stopped President Donald Trump from celebrating the highs in his Twitter feed, which for the third time of his presidency hailed the Dow Jones Industrial Average climbing above 25,000 on Wednesday.
“Dow just broke 25,000,” the President wrote after the benchmark index closed up 435 points. “Tremendous news!”
Tremendous — and familiar. The Dow rose above 25,000 for the first time a year ago, spurring Trump’s first victorious message.
“Dow just crashes through 25,000. Congrats! Big cuts in unnecessary regulations continuing,” he wrote on January 4, 2018.
The market remained above that line for a while, even reaching 26,000, before sinking lower in the spring.
But it ticked up again in the summer, yielding a second message of triumph.
“The Stock Market hit 25,000 yesterday,” Trump wrote on July 14. “It is all happening!”
It was indeed all happening – including a ratcheted up trade war with China, a weakening global economy, and a steady increase in interest rates by the Federal Reserve.
Those factors led markets to slide again at the end of the year — including during a dismal December that left investors, and the President, spooked.
Trump grew concerned an extended slide could damage his political prospects. He lashed out at Federal Reserve chairman Jerome Powell. And he kept vigilant watch on the markets, using the chart as a barometer of his own standing.
The first month of the year has provided him some solace. Markets turned upward. And the Federal Reserve indicated on Wednesday it would keep its benchmark interest rate unchanged.
And so Trump was back to hailing a soaring stock market, at least on its upswing.