Dow Jones soars after President Trump's address to congress, closes at 21,000 for first time ever

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Stock Markets gave President Donald Trump a standing ovation Wednesday, less than 24 hours after his prime time address to a joint session of Congress. (KFSN)

Stock Markets gave President Donald Trump a standing ovation Wednesday, less than 24 hours after his prime time address to a joint session of Congress.

"We must restart the engine of the American economy, make it easier for companies to do business in the United States and much much harder for companies to leave our country," said President Trump.

The President's promise from Washington D.C. boosted major indexes on Wall Street. The S&P 500, DOW, and NASDAQ all opened high, with the DOW rising more than 300 points to a new record.

"It's a big deal, it's been a big deal really since the election. Over the last four months or so markets have been moving pretty steadily higher," said Brian Ullmann, financial planner.

Ullmann said President Trump's pledge to cut taxes and de-regulate industries is resonating with investors; because those policies would allow for businesses to grow and yield more profits.

"You lump that in with healthy economic numbers and you get the run like we had here recently."

Even though none of the proposals have taken effect 401k's are already reaping benefits. According to Fidelity, the average retirement account grew as much as $11,000 since the election. But some are wary this could be another bubble about to burst.

"Our economic numbers are good, we have wage growth, unemployment's low, so that's helpful, so it's hard to say that this is a bubble necessarily because it's being driven by good economic numbers," said Ullmann.

For many in the Valley, our retirement plans shift along with the stock market.

But Ullmann says you should stick to your plan. Avoid any sudden moves, so these day to day swings shouldn't hurt your wallet in the long-run.

Financial advisers say another indication that the economy is doing well is the fact the Federal Reserve is contemplating raising interest rates starting this month.

Related Topics:
financestock marketdow jonesmoneyPresident Donald Trumpu.s. & world
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