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Blackstone CEO: Trump Right to Take Credit for Booming Stock Market

(James Heyworth/assetsdelivery.com)

By    |   Tuesday, 23 January 2018 02:31 PM

Billionaire Blackstone CEO Steve Schwarzman says President Donald Trump is well within his rights to take a public bow for the booming stock market.

The Blackstone co-founder told CNBC that Trump's policies, including tax cuts, will provide a big boost to U.S. growth.

"I think they'll have a substantial impact on the economy," Schwarzman told CNBC.

"You started to see this right after the election, and the stock market started going up just in the anticipation of tax reform and tax cuts and changes in regulation," Schwarzman said. "Those things happened and are happening."

Since the election, the Dow Jones industrial average has gained more than 42 percent as of Monday's close; the S&P 500 has gained more than 32 percent; the Nasdaq is up more than 42 percent, CNBC.com explained.

Schwarzman, who had led the president's defunct policy forum, also says Trump can take credit for improved business confidence.

To be sure, Wall Street’s main indexes were higher Tuesday as upbeat results from Netflix, Travelers outweighed concerns of the potential impact of President Donald Trump’s decision to impose steep import tariffs.

South Korea and China protested against Trump’s move to impose import tariffs on washing machines and solar panels, with Seoul saying it would respond to the spread of protectionist measures.

“We don’t know if this is the beginning of something larger or if it’s something that will escalate into a trade war,” Art Hogan, chief market strategist at B. Riley FBR in Boston, told Reuters.

Hogan also said it sparked fears about U.S. walking away from NAFTA.

NAFTA’s future hangs in the balance this week as negotiators from the United States, Canada and Mexico try to settle major differences over revamping a pact that Trump has threatened to abandon.

For his part, Trump says the mainstream liberal media twists the facts and distorts reality.

"Do you notice the Fake News Mainstream Media never likes covering the great and record setting economic news, but rather talks about anything negative or that can be turned into the negative. The Russian Collusion Hoax is dead, except as it pertains to the Dems. Public gets it!" the president recently tweeted.

(Newsmax wire services contributed to this report).

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Billionaire Blackstone CEO Steve Schwarzman says President Donald Trump is well within his rights to take a public bow for the booming stock market.
blackstone, trump, stock, market, credit
Tuesday, 23 January 2018 02:31 PM
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