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“I was with the top Wall Street people the other day, they love us because we’re setting records every week virtually in the stock market,” Trump said before the crowd in Bossier City, Louisiana. “Which, by the way, means companies coming in and jobs, jobs, jobs, that’s what it’s about.”
The S&P 500 notched its 20th record of the year on Wednesday.
Earlier this week, Peter Navarro – director of the White House’s Trade and Manufacturing Policy – told FOX Business that he believes the Dow could hit 30,000 under the current administration. For reference, the Dow was trading around 27,782 at the close of Thursday’s trading session.
As a result of the stock market success, Trump reminded the audience in Louisiana that their 401(k) account balances are “through the roof.”
Some of the Democratic Presidential hopefuls, on the other hand, have caught flack for “vilifying” Wall Street. Massachusetts Sen. Elizabeth Warren, for example, has recently been criticized by a number of high-profile business leaders, including Microsoft co-founder Bill Gates and JPMorgan CEO Jamie Dimon. They have questioned both her policies – like her wealth tax proposal – and the rhetoric she has used to discuss the country’s billionaires.
The Trump campaign held a fundraiser in New York City this week, and the president also gave a speech at the Economic Club of New York. During his remarks, Trump touted U.S. economic progress, but also took shots at the Federal Reserve for putting the country at “an economic disadvantage.” He added that more cooperation from the Fed could have added to gains in the U.S. stock market.
When it comes to a trade deal with China – the first phase of which is said to be nearing completion – Trump said that his administration was either making “a great deal with China” or “taking in billions of dollars” worth of tariffs—indicating he was fine with either scenario. He added, however, that China wants to make a deal.