GOP proposals help lead to surge in stock market, 401ks
ASHEVILLE, N.C. (WLOS) —
The GOP tax-cut proposal helped lead to a surge in the stock market over the last couple weeks, adding to an already bullish market.
As we head into a new year, and after almost a year under the trump administration, News 13 checked the impact on your savings and wallets.
The Dow broke another record, in November, with progress made on a package of tax cuts and consumer confidence at its highest level in nearly a decade.
"I'm definitely up across the board," Kevin Boudreau, a tourist visiting Asheville from Charlotte said about his 401k.
He was benefiting from a bullish market.
"I'm diversified broadly enough that I'm just going with the market," Boudreau said.
President Trump tweeted responsibility for a strong market and low unemployment on Nov. 10 and Nov. 12.
"We're now at a 4.1 percent unemployment rate, which really is full employment," Matthew Burril, president of BrickStreet Equity Management in Asheville said.
He said promised policy changes by the Trump administration helped boost the market throughout the last year.
"What we're seeing is that there's definitely going to be a seat change in regulation and in business-friendly government; that is a huge impact on the average person's daily life," Burril said.
Burril said optimism about less regulation and taxes adds to 401ks, but not necessarily W-4s.
Still, he said, consumers were benefiting from slightly increased wages, stable gas and food prices.
"I'm not so sure I'm going to give any administration credit for making that kind of stability in prices or appreciation in prices. you know, the Federal Reserve has had probably the biggest impact on the financial markets," Burril said.
Those impacts were trickling down to Asheville with increased consumer spending at restaurants and other attractions.
"You know, the economy is doing well enough, I'm not worried about tomorrow, let's say, you know," Boudreau said.
Burril said the only thing he could see taking this market apart was bad or no policy from the Trump administration, because a change in policy is what the market has been banking on.