PHILADELPHIA (CBS) – Cable business news host Maria Bartiromo credits Donald Trump for the Dow Jones Industrial Average cresting 21,000 for the first time in history and predicts that the economy will keep improving from here.
Bartiromo told Rich Zeoli on Talk Radio 1210 WPHT that the market’s recent performance is a precursor to more growth ahead.
“It’s pretty extraordinary but it’s not unexpected. This market is really celebrating the expectation that things are going to get better in terms of the economy, in terms of earnings and, of course, that’s the backdrop to the stock market, earnings and economic growth.”
She was encouraged by Trump’s address to a joint session of Congress, particularly for what was not included.
“You’re seeing a growth plan come out of the Trump administration and, increasingly, you’re seeing the officials out of the Trump administration talk about a timeline and so that was really the catalyst for today’s rally. He didn’t have any mention of a border adjustment tax. That was very positive. So, I was expecting a good day on Wall Street today, given that speech.”
Despite the White House’s difficulties formulating and implementing policies since Trump’s inauguration, Bartiromo is sure the rollout of an ambitious economic agenda is soon approaching.
“We all know that tax cuts are coming. [Treasury Secretary] Steven Mnuchin…he’s expecting to have a tax reform package out by August. They’re going to do Obamacare first, repeal and replace, followed very soon after by a tax reform package. That tax reform package will include lower corporate taxes, lower individual taxes and, as a result, that’s going to create business activity. It will unleash business activity.”