Trump is the most pro-stock market president in history

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The stock market might see a larger boost from President-elect Donald Trump than from any prior administration due to his pro-business policies, according to Jeremy Siegel, a finance professor at the Wharton School, University of Pennsylvania.“President-elect Trump is likely the most pro-stock market president in our history,” Siegel remarked on CNBC’s “Squawk Box” Monday. “He gauged his success in his first term by how the stock market performed, and it seems highly improbable that he would pursue policies detrimental to it.”Shares in sectors expected to benefit most from Trump’s presidency surged this week. Tesla, whose CEO Elon Musk is a strong Trump supporter, jumped 29%, reclaiming a $1 trillion market cap. Bank stocks, including JPMorgan Chase and Wells Fargo, also rallied, and Bitcoin hit record highs amid expectations of looser regulations under Trump.Siegel believes Trump’s corporate tax cuts from 2017 are very likely to be extended. “The extension of his 2017 tax cuts seems like a given,” he said, “but expanding them to include broader cuts will be more challenging.”However, Trump’s trade policy, including proposed high tariffs on trade partners, may hinder growth and worsen inflation just as the Federal Reserve continues to raise interest rates to control price increases. Markets have already responded positively to Trump’s election, with investors betting that his promises of tax cuts and deregulation will drive growth and support high-risk assets. The S&amp;P 500 soared 4.66% last week, marking its best week since November 2023 and topping 6,000 for the first time. Meanwhile, the Dow Jones Industrial Average also broke a new milestone, surpassing 44,000 following the election.