Trump celebrates market rebound a day after saying it was 'taking a pause'
President Trump’s stocks-focused tweets keep coming.
On Wednesday, Trump praised Tuesday’s 400-plus point rebound in the Dow Jones Industrial Average (^DJI) and pointed to “great” earnings from companies.
Stock Market up more than 400 points yesterday. Today looks to be another good one. Companies earnings are great!
— Donald J. Trump (@realDonaldTrump) October 31, 2018
Just 24 hours earlier on Tuesday, Trump stated that the stock market was “taking a pause” as investors weigh the looming midterm elections. He also urged people not to vote for Democrats if they want to keep the bull market going.
“If you want your Stocks to go down, I strongly suggest voting Democrat,” Trump said in the tweet. “They like the Venezuela financial model, High Taxes & Open Borders!”
When it comes to earnings, Trump is correct.
Nearly half of S&P 500 companies have reported results so far for the latest reporting season. Of these, 77% clocked better-than-expected earnings per share, according to FactSet. Third quarter earnings are up 22.5% year-over-year.
On Wednesday alone, General Motors (GM), Estée Lauder (EL), Anthem (ANTM) and Clorox (CLX) posted better-than-expected quarterly results.
Still, the Dow is down almost 6% for October and has gained only 1.5% so far this year, as investors grapple with rising interest rates and increasing trade tensions with China.
Scott Gamm is a reporter at Yahoo Finance. Follow him on Twitter @ScottGamm. Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.
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Trump attributes market volatility to midterm elections in new tweet
