Donald Trump is due to be sworn in Friday afternoon as the 45th President of the United States, after one of the best transition period stock market performances in modern history. Obama took his ceremonial oath in the midst of the 2008 financial crisis and the Standard & Poor 500 dropped over 25 percent at one point during his transition, by far the worst presidential transition stock market performance on record. Markets see Trump dismantling regulations and reducing taxes, and that has been the dream, said, Soros. The stock market skyrocketed after Trump’s election Nov. 8 with Standard & Poors 500 jumping by at least 5.8 percent.
Key Takeaways:
- “Right now uncertainty is at the peak,” Soros told Bloomberg News in an interview Thursday. “I don’t think the markets are going to do very well.”
- Donald Trump is due to be sworn in Friday afternoon as the 45th President of the United States, after one of the best transition period stock market performances in modern history. Analysts have questioned, however, whether this headstart was a telling sign for how the economy will fare in years to come.
- “Markets see Trump dismantling regulations and reducing taxes, and that has been the dream,” said Soros. “The dream has come true,” he added.
“While the U.S. as a whole has largely bounced back from the recession, it has done so unevenly with many rural, working-class populations – the core of Trump’s following – continue to suffer, according to Jed Kolko, chief economist for the job site Indeed.com.”
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