Dow Will Crash 91% to Reagan-Era Levels if Trump Loses in 2020: Fed Pick
The Dow could suffer an outright collapse if Trump loses in 2020, causing the stock market to crash 91%, at least according to Trump Fed pick Stephen Moore. | Source: AP Photo / Andrew Harnik
By CCN: The Dow and broader U.S. stock market rose Monday, bolstered by strong consumer spending data that pointed to a firm domestic recovery at the start of the year. Although markets are enjoying record highs for now, Donald Trump’s new Federal Reserve appointee thinks a 1929-style crash is likely if Democrats take control of the White House.
Dow Rallies; S&P 500, Nasdaq Hit All-Time Highs
All of Wall Street’s major indexes booked gains at the start of the week. The Dow Jones Industrial Average climbed 52 points, or 0.2%, 26,596.15, where it was nearing all-time highs. Big banks Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co (JPM) led the advance.
The broad S&P 500 Index of large-cap stocks rose 0.3% to 2,947.69, a new all-time high. The bulk of the gains was concentrated in just two sectors: financials and communication services.
The technology-focused Nasdaq Composite Index also set a new peak, climbing 0.3% to 8,171.51.
Trump Appointee: Dow Could Collapse to 2,400 on Democrat President’s Watch
The Dow could experience a meteoric price collapse akin to the Wall Street crash of 1929 if Democratic ideals usurp the White House.