After the news broke on Friday that Donald Trump’s chief strategist Steve Bannon was fired, Wall Street recovered earlier losses.
“I think it was the rumor of Steve Bannon getting fired,” said Peter Costa, president of Empire Executions of the stocks rebound, according to The Daily Beast. “There’s a lot of hopeful people thinking that, ‘you know what, he has been a divisive figure in the White House … Getting rid of him might be a good deal for the president.’”
Trump has touted the stock market several times in his Twitter timeline but hasn’t said much lately about that. We wonder why:
Campaign promises of tax cuts and higher infrastructure spending helped the market rally, but investors are worried that Trump will be unable to implement his pro-growth economic agenda. All three major indexes are on track to post their worst monthly performance since before Trump’s election as president.
And just as the news of Bannon’s exit was revealed, U.S. stock markets rallied and traders cheered.
— Andrew Kirell (@AndrewKirell) August 18, 2017
The Hill reports:
After a morning of drooping stock prices, the Dow Jones rose 27 points in the minutes following the news, according to MarketWatch, while the S&P 500 gained 8 points and the NASDAQ composite index rose 30 points.
Meanwhile, hours after his exit, Bannon headed back to fake news site, Breitbart.com, a platform for the Alt-Right. After the violence in Charlottesville which was perpetrated by Trump supporting Nazis, people have called for Bannon, Sebastian Gorka and Stephen Miller to be fired due to their extreme views. One down, two to go. Well, three if you count Trump.
This will be one of those ‘Where were you when you learned Bannon was fired’ moments one day. I was protesting the KKK in Durham, NC when I heard he was out. Life is good.
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