The U.S. economy is roaring under President Donald Trump and showing no signs of slowing down.
Following a string of major stock market breakthroughs in the past year, the Dow Jones Industrial Average is now on track to surpass 26,000 points, according to Fox Business.
The news comes just days after the Dow, a major stock market index and economic indicator, broke the 25,000 point mark for the first time in its 121-year history.
President Donald Trump lauded the stock market’s rise in a tweet.
Reaching 26,000 points is not the only record the Dow is on track to break.
The Dow Jones rocketed from 24,000 to 25,000 in just 23 days — the shortest span on record between 1,000 point increments. If it continues at its current pace, the Dow will break its own record again for the fastest move between 1,000 point markers.
Three major companies — Home Depot, Boeing and Caterpillar — have accounted for the majority of the Dow’s performance, making up over half of the index’s rise in stock value.
But experts continue to be bullish on the state of the U.S. economy.
“GDP is improving. The jobs picture is improving. You still have a great backdrop — last year’s momentum is carrying into this year,” Flynn Zito Capital Management co-founder Doug Flynn said last week.
“There is no reason why it can’t continue.”
Flynn also pointed out that, despite major gains, many average investors have been leaving and not participating in the stock market’s rise, which means there is plenty of more opportunity for growth going into 2018 and beyond.
“When you ask people about the economy, they say, ‘It’s good.’ When you ask them about the stock market, they say, ‘I’m staying out.’ I blame some of this on the hysterics from the left and the stuff we see in the media,” said Peter Morici, an economist who argues investors not participating in the current growth are missing out.
“(The media) says Trump is going to tank the economy and this and that, and it sort of scares people about putting their nest egg in. That’s a terrible mistake.”
The Dow is by far not the only stock index to be performing well. Other market indicators are also experiencing rapid growth, owing in part to expectations that the economy will continue to perform strongly as GOP tax reform will increase corporate earnings.
Immediately after the Republican-controlled Congress passed sweeping tax reforms last month, handing the majority of American taxpayers tax relief, major U.S. companies announced a plethora of pay raises, bonuses and added investments.
AT&T, Bank of America, Comcast, Southwest Airlines, American Airlines and many other large corporations announced bonuses for their workers because of the tax cut. Wells Fargo and Fifth Third Bank declared they would raise their hourly wage to $15 an hour.
On Thursday, Walmart announced it was raising its minimum wage to $11 an hour and handing out bonuses of up to $1,000.
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