The U.S. economy has been on fire ever since President Trump’s election.
Today, the Dow Jones Industrial Average hit 28,332.71–meaning it has gained 10,000 points (up 54 percent) since President Trump’s historic election victory in 2016. The S&P 500 has also gained more than 46 percent.
Fox Business reports that Mohamed El-Arian, chief economic adviser at Allianz said, “The rally has been driven by pro-growth measures, de-escalation of trade tensions, huge liquidity injections by central banks and a FOMO approach by investors worried about missing out on a remarkable U.S. market outperformance that has set one record high after the other.”
As a comparison, Fox points out that Hong Kong’s Hang Seng gained 20.4 percent since Trump’s election and and Britain’s FTSE went up 6.4 percent. Japan’s Nikkei has come closest to U.S. market gains, up 44.1 percent since president Trump’s election.
The news comes on the heels of a blowout U.S. jobs report for November. Nonfarm payrolls surged to 266,000 and unemployment dropped to 3.5 percent.
Economists had predicted 187,000 new jobs and expected unemployment to remain at 3.6 percent.
CNBC reported,”The jobs growth was the best since January. While hopes already were up, much of that was based on the return of GM workers following a lengthy strike. That dynamic indeed boosted employment in motor vehicles and parts by 41,300, part of an overall 54,000 gain in manufacturing.”
Average hourly earnings have increased 3.1 percent since last year and the average work week remained 34.4 hours.
September and October jobs reports were revised to show an increase in jobs numbers totaling 41,000. September increased by 13,000, bringing the total to 193,000 jobs added. October jobs numbers increased by 28,000 to 156,000.
For the full report, click HERE.