The Dow Jones Industrial Average cracked 20,000 as markets opened Wednesday, breaching a psychologically significant barrier just days after President Trump took office.
The stock market indicator hit the 20,000 mark partly in response to strong corporate earnings reports. Bond prices also fell, as investors began to anticipate that the Federal Reserve would raise interest rates at a faster clip in response to the good jobs news.
The Mexican peso also fell after Trump tweeted Tuesday evening about new border security measures and a wall on the southern border.
Stocks jumped after Trump won the presidency Nov. 8. The Dow Jones is up roughly 9 percent since then, led by bank stocks.
Trump has promised deregulation for banks and other changes to the law that could improve their profits. Congressional Republicans have stated their intentions to roll back the post-crisis rules on banks implemented by President Obama.
Investors, however, also have reacted positively to the possibility that the Trump era will produce greater fiscal stimulus and economic output, as Trump is likely to pursue both tax cuts and greater infrastructure spending.
