DOW Hits Another All-Time High! Best Record Since President Taft in 1909
Guest post by Joe Hoft
The Dow Jones Industrial Average (DOW) hit another record new high on Wednesday! For the 9th straight closing bell, going back to February 9th, the DOW set a new stock market high.
Counting weekends and holidays, the DOW has closed with new highs over the past 14 days. The only time in the history of the DOW where the DOW closed with new highs over a longer period was in 1987 under President Reagan. The DOW closed with new highs over a 16 day period (counting weekends) ending on January 20th 1987 for the highest number of consecutive days with new highs – the best in DOW history.
The ‘Trump Bump’ is only 2 days short of the all time record! No other rally has reached this level!
The DOW daily closing stock market average has risen more than 13% since the election on November 8th. Including November 9th through today, there have been 71 trading days. For more than a third of these days, the DOW has reached all time highs (28 times). Another 11 days have reached the 2nd highest close ever and another 9 days have reached the 3rd highest close ever. More than half of the trading days since Trump won the election have resulted in new highs for the DOW or 2nd highest days ever. For more than two thirds (48) of the 71 trading days for the DOW since the election the closing mark was at least the highest, 2nd highest or 3rd highest closing day in history!
The Trump rally (aka Trump Bump, Trump Stock Rally, Trump Hump) is historical for other reasons as well. Per our research this is only the 2nd time since 1937 that the stock market hit two new closing highs in the four trading days after the Presidential inauguration. This occurred in January of 1965, shortly after Lyndon Johnson was sworn in as President and again right after the Trump Inauguration.
Since the Inauguration on January 20th the DOW has risen 5%. According to Fox Insider, Trump’s first month in office is the DOW’s biggest gain for any President in his first 30 Days since 1909 when Taft was President.
Also, another record during the Trump Rally is that the stock market moved between 1000 point markers (between 19,000 and 20,000) in only 42 trading days. The only time it moved faster between significant markers was in 1999 when it took 24 days to reach 11,000. This time the market hit 19,000 on November 22nd shortly after Trump won the election, and then the market broke 20,000 on Wednesday this week. These new highs occurred only 42 trading days apart.
As we pointed out on December 21st shortly after Trump was elected, never in its history had the DOW reached the number of closing stock market highs after an election. There were only 8 times in the history of the Dow where the Dow set new closing highs for 17 days or more in a 29 day period. The last time this occurred was nearly 20 years ago in 1998.
The prior high for the DOW before the November 8th election was on August 15th, 2016. This is why the ‘Trump Rally’ is such an anomaly and totally due to President Trump and his winning policies.
America better get used to winning because of Trump!