America just keeps winning, and Democrats just keep seething.
Following President Trump's poignant speech Tuesday evening, the Dow Jones Industrial Average crossed the 21,000 milestone at the opening bell Wednesday morning. This marks the fastest 1,000-point surge in Dow's history. Fox Business provides details:
Optimism on Wall Street came from President Donald Trump’s first address to a joint session of Congress on Tuesday night in which he outlined the ways in which he hoped to “make America great again.” His policy priorities included repealing the Affordable Care Act – a cornerstone of President Barack Obama’s administration, revamping the U.S. tax code, improving trade policies, and requesting Congress approve $1 trillion for infrastructure spending.
The president’s speech offered few explicit details about how he plans to move these policy priorities across the finish line, but that didn’t seem to bother U.S. investors much who sent the Dow nearly 200 points higher at the start of trade. If the index trades above the 21000 level, it will have taken just 23 days to advance from the highly-anticipated 20000 milestone, second only to the 24 days it took the Dow to progress from 10000 to 11000 in 1999.
While the Dow’s point ascent is a record-breaker, the 1999 run was a bigger boost for returns averaging 10% compared to just 5% for the latest leg.
“There was little to nothing on deregulation of financial institutions or on what budget cuts will be made to compensate for higher military spending. And he mentioned taxes, but there was next to no meat in any of that,” said Michael Block, chief strategist at Rhino Trading Partners.
Also helping push stocks higher was a run up expectations the Federal Reserve will move ahead with another rate rise at this month’s policy meeting on the 14 and 15. CME Group federal funds futures, a tool used to predict market expectations for changes in monetary policy, showed odds for a March rise jumped from 35.4% on Tuesday evening to 68.6% Wednesday after a deluge of economic data – including consumer sentiment, fourth-quarter GDP, and home price figures – proved the U.S. economy held onto momentum found in the last half of 2016.
Of course there's been a steady buildup in market confidence since Trump's election in November, with the Dow gaining more than 14% and the S&P 500 gaining 11%, respectively, in the past four months.


