The stock market could enjoy a bigger boost from President-elect Donald Trump than any previous administration thanks to his pro-business policies, according to Jeremy Siegel, finance professor at the Wharton School of the University of Pennsylvania." Monday."He measured his success in his first term by how well the stock market did. You know, it seems to me very unlikely he's going to implement policies that are going to be bad for the stock market.
The market already reached new heights in reaction to Trump's election win as investors bet that his promises of tax cuts and deregulation will propel growth and benefit risk assets., whose CEO Elon Musk is a prominent backer of Trump, saw shares skyrocket 29% to return to a $1 trillion market cap.
"I think the extension of his 2017 tax cuts, looks pretty much like a slam dunk, but the expansion to all his other tax cuts is certainly going to be much more difficult," Siegel said. Still, the president-elect's trade policy, including his vow to slap steep tariffs on trading partners, could hurt growth and inflame inflationary pressures at a time when the Federal Reserve has spent more than two years raising interest rates to bring down price increases.U.S. bond market closed for Veterans Day after big postelection moves last week