After ringing the opening bell at the New York Stock Exchange on Thursday, President-elect Donald Trump did not instruct investors to buy more stocks ahead of his inauguration.
“I don’t want to be in a situation where they did it and we’re in a precipitous decline or something,” Trump told CNBC’s Jim Cramer on CNBC’s “Squawk on the Street.” Because it can happen.”
During his first term, Trump repeatedly used the stock market as a barometer of his performance. During this time, the S&P 500 index rose nearly 68% to an all-time high. Some of that was due to corporate tax cuts passed by then-Government. The Fed also kept interest rates near then-historic lows in an attempt to encourage inflation, which also pushed up stock prices.
President-elect Donald Trump is greeted by traders as he walks the floor of the New York Stock Exchange on Thursday, December 12, 2024, in New York.
Alex Brandon | AP
He again touted the possibility of tax cuts on the exchange Thursday. “We’re going to do something that hasn’t really been done before. We’re going to cut taxes further,” he said. “If we don’t manufacture here, we pay 21%. If we do, we’ll try to get it to 15%, but the product has to be manufactured in the U.S. .”
Wall Street CEOs and investors, including Goldman Sachs’ David Solomon and Pershing Square’s Bill Ackman, visited the New York Stock Exchange for President Trump’s bell-ringing ceremony. “The more successful companies are, the more the stock market goes up, the higher wages go up, the more jobs there are, the more opportunities there are, the more companies come to this country,” Ackman later told CNBC. Most of them understand,” he said. , that lifts all boats. ”
To be sure, President Trump refrained from telling investors to buy stocks right now, but maintained a bullish outlook for the long term.
“In the long run, I think this country is going to be unique,” he said after being named Time magazine’s Person of the Year. It was a year,” he said.
—With a report by Yun Li
