Wall Street’s main indexes continue to reach new milestones, propelled by strong U.S. economic and double-digit earnings growth, along with optimism related to the Republican tax reform legislation passed last month.
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The Dow Jones industrial average climbed past 26,000 on Tuesday for the first time ever, reaching the quickest 1,000-point milestone, a clear indication that the long-running bull market is robust.
“We are in the midst of a great bull market that will probably continue. I tell people when asked, how far can it go?, the only response I have after being in the market for 40 years is that it’ll continue to go up until it stops,” Dennis Gartman, editor and publisher of The Gartman Letter, said during an interview with FOX Business’ Trish Regan on “The Intelligence Report.”
The pro-growth policies of the Trump administration have spurred confidence into the economy, including driving U.S. jobless claims to the lowest level in 45 years. Some American companies are rewarding their employees with bonuses as a result of the historic tax reform legislation.
Gartman said the rollback of Obama-era regulations and tax cuts are not only boosting U.S. consumer sentiment, but is also strengthening the global economy.
“For the first time in my memory, we have synchronicity around the world and that’s what I think is carrying all the markets higher,” he said.
The Dow has spiked close to 8,000 points since President Trump's election win in 2016.
“We are indeed melting up and it’s probably going to continue,” Gartman said.