President Donald Trump's prediction that the Dow Jones Industrial Average could reach 100,000 by the end of his term is ambitious, economist Stephen Moore told Newsmax, but possible.
He said there is confidence that the United States will lead the next wave of technological growth.
During an appearance on Newsmax's "National Report," Moore said the call reflects confidence that the U.S. can continue dominating emerging technologies like artificial intelligence and robotics.
The comments came as the Dow surged 1,200 points on Friday, hitting the 50,000 mark for the first time.
Moore said the milestone highlights how dramatically the U.S. economy has expanded over the last several decades.
"When I started my career in Washington, which was about 40 years ago, believe it or not, do you have any idea what the Dow was back in the early '80s?" he asked. "A thousand."
Moore urged viewers to keep that perspective as markets continue reaching historic highs.
"Now, think about that. We've gone from 1,000 to 50,000," he said. "A lot of people deserve a lot of the accolades for that."
The co-founder of the Committee to Unleash Prosperity credited leadership across party lines for creating conditions that fueled long-term growth.
"Of course, [former President] Ronald Reagan came in and turned around a ruined economy in the 1970s with his famous tax cuts and draining the inflation out of the system that we had in the ‘70s," Moore said. "And then we had a booming stock market when Bill Clinton, a moderate Democrat, was president."
The former Trump senior economic adviser also pointed to the 47th president's policies as a major driver of recent stock market gains.
"And of course, Trump deserves a lot of credit, too, for this last climb in the market," Moore said.
The 50,000 milestone matters, he said, because of America's growing dominance on the world stage.
"Just to put this in perspective, it really is a pretty amazing thing," Moore said. "The value of all American companies now is almost as great as all the rest of the companies in the world combined.
"Think about that, that's amazing."
Trump's 100,000 prediction depends on whether the U.S. keeps leading the industries shaping the future, he argued.
"One of the reasons that we've seen this huge rise in the Dow — by the way, the Nasdaq is growing even faster — is because the United States, over the last 25 years has completely dominated the internet age," Moore said, citing companies like Apple, Amazon, Google, Nvidia, and Microsoft.
The same dominance could push markets even higher in the years ahead, he said.
"If we do the same thing in artificial intelligence and robotics, you could see, I mean, look, 100,000 in three and a half years, that would be pretty amazing," Moore said. "But it is possible that we could continue to see this very positive run in the valuation of American companies."
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Nicole Weatherholtz ✉
Nicole Weatherholtz, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.
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