No one could have predicted it. The stock market has been soaring since President-Elect Donald Trump won the race for the White House. The week of his election victory the Dow Jones Industrial Avg. added over 900 points. Now all three major U.S. indices are at or near new all-time highs with the banking and energy sectors seeing major bounces. Many investors have placed money in energy stocks with oil rising nearly 4% today to close over $47 a barrel.
Federal Reserve Vice Chairman Stanley Fischer said today that “fiscal policy can help boost productivity and, in turn, allow the central bank to stop trying to support the economy with holding interest rates down.” An interest rate hike is expected next month, but Jack Bogle, the founder of Vanguard is not focusing on the short term gains of the market right now and is concerned about the long-term effects of a Trump Presidency.
Bogle told CNBC’s “Squawk on the Street” today:
“The market is very focused on the short term, and investors who have helped to rally stock prices (since Donald Trump was elected President) are shortsighted because his policies could hurt U.S. markets in the long term. In the long run, I have a concern that anything that divides our economy further is bad for the society, bad for the economy and bad for the markets. Raising trade barriers, breaking ties with Europe, and increasing the country’s debt are potential Trump policies that that could be bad for the economy.”
See all of Vanguard Founder Jack Bogle’s complete interview below.
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