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Count President Donald Trump among those excited by the Dow Jones Industrial Average’s newest milestone.
Following the Dow’s passing above the 20,000 level on Wednesday morning, Trump retweeted a story on the index’s move with the word “Great!” from the official POTUS account.
Trump adviser and spokeswoman Kellyanne Conway tweeted that the move was due to “The Trump Effect.”
While the milestone was achieved under Trump, it appears that the move had more to do with strong earnings from Dow components such as Boeing, which beat on earnings and revenue on Wednesday morning.
Trump would have a long way to go to be among the top tier of stock market presidents. The Dow is up 1.25% under President Trump, according to Bespoke Investment Group. The Dow gained 148.2% under President Barack Obama, the fourth best of any president since 1901, and the biggest gain was the 251.7% jump under Calvin Coolidge.
Some market watchers aren’t so enthused by the threshold.
“The Dow hit 20,000,” said Greg McBride, Bankrate’s chief financial analyst. “The Queen of England turned 90 last year. Both are round numbers. Neither carry any real significance.”
Despite the skepticism of its importance, it is an exciting threshold to cross nonetheless.
Here are Trump’s and Conway’s tweets: