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Trump says the market would be down 50% from here if the 'Dems had won'

Key Points
  • "If the Dems had won the Presidential Election, the Market would be down 50% from these levels," Trump wrote on Twitter.
  • The S&P 500 has rallied 23 percent since the Nov. 8 election through Wednesday.
President Donald Trump
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President Donald Trump said Thursday the stock market would be much lower than its current record high if he lost the election last year.



"If the Dems had won the Presidential Election, the Market would be down 50% from these levels," he wrote on Twitter.

The Dow Jones industrial average rose more than 170 points, breaking above 24,000 for the first time Thursday.

The has rallied 23 percent since the Nov. 8 election through Wednesday, while the Dow is up 31 percent.

Not everyone on Wall Street agrees the market's surge is due to Trump's presidency.

Earlier this year hedge fund manager Dan Loeb explained the market is up more on better global economic growth and easy monetary polices versus the administration's accomplishments.

"Better lucky than right. We expected the market to go up, but for different reasons. We thought it would be based on generally positive, growth oriented policies enacted by the [Trump] administration: lower taxes, infrastructure spending, health care reform, etc. None of these things transpired," Loeb said on the Aug. 3 Third Point Reinsurance second-quarter earnings call.

"What has transpired has been global synchronized economic growth and a very accommodative global monetary structure. So I'm happy with the outcome, the reason for it was different from what we anticipated, but we'll take it."

DoubleLine Capital CEO Jeffrey Gundlach also said Trump deserves "very little" credit for the market being at record highs in the summer.