Trump rings opening bell, bows ‘strong’ economy in NYSE visit
Donald Trump rang the New York Stock Exchange’s opening bell Thursday, a celebratory moment for the president-elect who was returned to the White House in an election in which the US economy took center stage.
The occasion marked his being named Time Magazine’s “Person of the Year.” The publication bestowed the title on the incoming president for his stunning political comeback in November’s election which saw him win a second term and Republicans gain control of both chambers of Congress.
Trump was joined by many of his most prominent Cabinet nominees, including Treasury pick Scott Bessent, the founder of Key Square Group LP; Commerce pick Howard Lutnick, the CEO of Cantor Fitzgerald LP; Robert F. Kennedy Jr., his selection for health secretary; North Dakota Governor Doug Burgum, who is being tapped for the Interior Department, Kelly Loeffler, his choice for the Small Business Administration; and his Vice President-elect JD Vance, among others.
Trump emerged to applause from the trading floor and chants of “USA.” He stood next to Intercontinental Exchange Inc. CEO Jeffrey Sprecher as he rang the bell.
Ahead of the opening, Trump spoke at the exchange, using the opportunity to tout the populist economic agenda he campaigned on. He said his policies would bring jobs and praised the cabinet picks who joined him at the event.
“The economy, I believe, is going to be very strong,” Trump said.
Thursday’s event, at an iconic center of American capitalism, was rich in symbolism for a leader who frequently uses the stock market as a gauge of success for his economic policies.
Trump campaigned on a sweeping populist agenda, heavy on tax cuts and benefits and slashing regulation, that won him the support of Wall Street and business leaders. Polls show that voters this year favored Trump based on his pledges to expand the economy.
Trump repeated his pledge to reduce taxes, saying he would get the corporate tax rate down to 15%.
“We’re going to give tremendous incentive like no other country has. We’re cutting your taxes. We’re going to cut them very substantially,” Trump vowed.
Even as markets performed well under President Joe Biden, Trump frequently claimed on the campaign trail that those gains were because traders believed that the Republican would return to the White House.
Investors have seen the S&P 500 rise since the election as they cheer the president-elect’s plans to cut taxes and deregulate. Still the market run threatens to be tested by Trump’s tariff threats against major trading partners.
Trump has proposed wide-ranging new tariffs against allies and adversaries alike that mainstream economists warn could raise prices for US households and businesses and redirect or reduce global trade flow. And he’s pledged that he will enact a massive deportation of undocumented migrants that has also worried some business leaders.