Veteran financial guru Larry Kudlow, who served as the Donald Trump campaign's senior economic adviser, predicts to Newsmax TV that the record-setting stock rally “may go on for years” because the market “likes what it sees” before the president-elect has even officially taken office.
Stocks could drop in a natural turn of events, but for the most part, get ready for more record-high stock-market finishes, he told Steve Malzberg on “America Talks Live.”
“The Trump rally may go on for years,” said Kudlow, a Newsmax Finance Insider, radio talk-show host and CNBC senior contributor.
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Major U.S. stock indexes powered to another day of fresh record highs on Friday, with the S&P 500 ending the week up 3 percent, as investors bid up shares in sectors that have lagged in the month-long rally since Trump's presidential election, Reuters reported.
The benchmark S&P 500 registered a record high for the third straight session, while the Dow and Nasdaq also hit new highs. The Dow recorded a fifth straight week of gains.
The Dow Jones industrial average rose 142.04 points, or 0.72 percent, to 19,756.85, the S&P 500 gained 13.34 points, or 0.59 percent, to 2,259.53 and the Nasdaq Composite added 27.14 points, or 0.5 percent, to 5,444.50. The S&P 500 notched its sixth straight day of gains, leaving it up 10.5 percent for the year.
“It's not going to go on uninterrupted, but the market is telling you it likes what it sees regarding new economic policies to help business and to help growth and help jobs,” said Kudlow — host of "The Larry Kudlow Show" and author of "JFK and the Reagan Revolution: A Secret History of American Prosperity," written with Brian Domitrovic and published by Portfolio.
Trump's expected agenda of economic stimulus and reduced taxes and regulations has particularly fueled financial and industrial shares. On Friday, sectors that have underperformed - healthcare, consumer staples, utilities and tech - led the way.
“There will be correction but on and off, this thing could last years,” said Kudlow, said who worked as Reagan’s budget deputy between 1981 and 1985.
(Newsmax wire services contributed to this report).
Larry Kudlow is a senior contributor at CNBC. His new book is “JFK and the Reagan Revolution: A Secret History of American Prosperity,” written with Brian Domitrovic.
To find out more about Larry Kudlow and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate web page at www.creators.com
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