The Dow Jones Industrial Average achieved another milestone on Monday when it crossed 28,332.74, gaining 10,000 points since President Donald Trump’s election win on November 8, 2016.
The gains come as U.S. markets have been flourishing under Trump, who has enacted tax reform and rewritten global trade deals to benefit Americans.
“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,” Mohamed El-Arian, chief economic adviser at Allianz, told Fox Business.
U.S. investors’ holdings have also been affected by Trump’s business-friendly agenda. He has lowered individual income taxes, cut the corporate tax rate, and rolled back regulations that have been imposed on some of the nation’s biggest banks.
Trump was also the driving force behind the U.S.-Mexico-Canada Agreement (USMCA), which overhauls the North American Free Trade Agreement (NAFTA) enacted under the Clinton administration, and has engaged in a trade war with China, which he claims “has been taking advantage” of the U.S. for years.
House Democrats backed the USMCA after a months-long negotiation and also made an initial deal with China. Both deals are expected to drive the economy and the stock market up.
The Dow Jones index, for example, gained 11.2 percent since it flattened out on August 14. Before Trump’s election win, the Dow Jones had not seen numbers that high since 2011, Breitbart News reported in 2016.