The U.S. Stock market has been trending up for the past 8 plus years. In fact, after hitting a bottom at the end of George W. Bush’s presidency, the market turned around under Obama and has been following the same upward trend line since. While President Trump loves taking credit for the continuation of this trend, which started when Obama took office, in reality, he has much less to do with it than he leads us to believe.
Since taking office, Trump has continued to make it known that the market has been rising. He’s tried to take credit for this every step of the way. That’s why one particular tweet by President Trump this morning is a bit off-target from the message he has been trying to send us since his inauguration.
“Health Insurance stocks, which have gone through the roof during the ObamaCare years, plunged yesterday after I ended their Dems windfall!” President Trump tweeted this morning.
What President Trump seemingly fails to realize is the fact that many large hedge funds, mutual funds and even other corporations which trade on the NYSE and NASDAQ rely heavily on health insurance stocks themselves. The President is apparently bragging over the fact that he single-handedly, with his executive order, caused health insurance stocks to “plunge”, which in turn could have a windfall of its own in affecting the overall market as a whole. Never before in the history of America has a President boasted about causing harm to the stock market, and traders typically don’t take kindly to such words from the leader of our nation.
With the market so high right now, it’s a matter of time before corrections are made and the market pulls back. By coming out and directly attacking a very large segment of the market, President Trump may just happen to speed this pull-back up. Let us know your thoughts on these comments by Trump in the comments section below.