The stock market hit new all-time highs on Monday with the Dow, S&P 500, Nasdaq, and Russell 2000 all soaring in value. Despite some speculation that this is due to President Donald Trump’s proposed stimulus plans and deregulation proposals, it is possible that this is actually the continuation of a rally begun under President Barack Obama. Investors tend to give too much credit to presidents for stock market performance. Furthermore, RBC strategist Jonathan Golub has noted that the Federal Reserve’s actions may have a greater impact on the markets than the White House. Even if the Fed raises interest rates three times this year, it will do so by just a quarter point each time, keeping them extremely low. Corporate earnings should continue to spike while investors should focus on the Fed rather than the president to stay informed. However, whatever is said by Federal Reserve Chair Janet Yellen in her upcoming testimony to Congress could have further impacts on the market’s rally.
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