U.S. stocks surged to fresh record highs on Monday, Dec. 16, helping the Dow Jones Industrial Average gain its 10,000th point since President Donald Trump got elected just three years ago.
Dow Jones closed up 100.51 points, or 0.4%, at 28,235.89, after crossing 28,332.74 in intraday trading.
It means the key index has rallied 10,000 points, or more than 54%, since President Trump’s election victory on Nov. 8, 2016.
The S&P 500 has also gained more than 46% since President Trump’s election, finishing Monday up 0.7% at 3,191.45.
Reacting to the market’s positive moves, President Trump tweeted, “New Stock Market high! I will never get bored of telling you that – and we will never get tired of winning!”
New Stock Market high! I will never get bored of telling you that – and we will never get tired of winning!
— Donald J. Trump (@realDonaldTrump) December 16, 2019
The president’s tweet comes as congressional Democrats have been advancing on a full House vote on their impeachment against the president, which is expected to take place this week.
According to Fox Business, U.S. investors have benefited from President Trump’s pro-business agenda, which lowered income tax rates for individuals, cut corporate taxes, and rolled back a number of regulations.
The Trump administration has also negotiated the United States-Mexico-Canada Agreement trade deal and has embarked on a nearly 21-month trade negotiation with China, which has “been taking advantage” of the United States for years.
“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 afraid of missing out on a remarkable U.S. market outperformance that has set one record high after the other,” said Mohamed El-Arian, chief economic adviser at Allianz.
Monday’s rally marked the fourth straight session of gain in a row as investors are upbeat on a phase one trade deal between China and the United States, according to CNBC.
The two largest economies announced Friday they will move forward with the trade deal, in which the United States will roll back some tariffs on Chinese products and China will increase its purchases of U.S. agricultural products.
Under President Trump, the U.S. stock markets have become the envy of the world. By comparison, Hong Kong’s Hang Seng index gained 20.4%, Britain’s FTSE rose 6.4%, while China’s Shanghai Composite has lost 7.2% since President Trump’s election win, according to Dow Jones Market Data Group. Only Japan’s Nikkei, up 44.1%, has come close to the gains of the U.S. markets.