Dignified Donald sees shares hit record high
Optimism on both sides of the Atlantic after speech
SHARES on both sides of the Atlantic smashed records last night as traders gave a roar of approval to Donald Trump’s plans to transform the US economy.
In a boost to millions of savers and pensioners with money in the stock market, the blue-chip FTSE 100 index and smaller, domestically focused FTSE 250 both closed at all-time highs in London.
On Wall Street, the Dow Jones broke through the 21,000-point barrier for the first time in its history.
Investors’ enthusiasm was triggered by an unusually dignified speech in which President Trump pledged ‘ historic tax reform’ and ‘massive tax relief for the middle classes’.
He also promised a $1 trillion (£810 billion) infrastructure programme to create millions of jobs. It appeared to be an attempt to reset his turbulent presidency, striking a more conciliatory and optimistic tone in his first speech to a joint session of Congress.
Mr Trump moved to reassure both Americans and foreign allies, promising to stand up for democracy, resist tyranny and ‘open a new chapter of American greatness’. He called on Congress to help him repair America’s infrastructure and military, overhaul its healthcare system and reform its tax system.
However, his call for an end to ‘trivial fights’ met with derisive snorts from Democrats clearly stunned by his nerve.
Critics yesterday questioned how he would pay for all his lavish spending commitments, but despite their reservations, his hour-long address was hailed by both sides in Washington as evidence of a more conventionally presidential Mr Trump.
The President, had plunged in the polls after weeks of endless Twitter outbursts and ugly spats with everyone from the US media to Hollywood star Meryl Streep. With his call for a ‘renewal of the America spirit’, the joint session address was markedly different to his dark inaugural speech 40 days earlier in which he talked of ‘American carnage’.
‘The time for small thinking is over, the time for trivial fights is behind us. From now on, America will be empowered by our aspirations, not burdened by our fears.’
Having previously ques- tioned the need for Nato, Mr Trump pledged his full support for the alliance.
He barely touched on immigration, calling for a new ‘ merit- based’ system that would admit only immigrants who wouldn’t be a financial burden on the state.
Mr Trump also stood by his controversial ban on travellers from mainly Islamic countries, saying: ‘It is not compassionate, but reckless, to allow uncontrolled entry from places where proper vetting cannot occur.
‘We cannot allow a beachhead of terrorism to form inside America – we cannot allow our nation to become a sanctuary for extremists.’
The most emotional moment came when Mr Trump paid tribute to Carryn Owens, the widow of William ‘ Ryan’ Owens, a Navy SEAL commando who was killed during a raid in Yemen approved by the President.
Mrs Owens sobbed uncontrollably as she was given two achingly long standing ovations lasting nearly a minute, and Mr Trump said: ‘Ryan’s legacy is etched into eternity.’ A poll by CNN found that 78 per cent of Americans approved of his speech.
‘A new chapter of American greatness’