Stock market commentator Jim Cramer said that Trump's White House will very much support higher stock prices, which will make investing easier, and importantly, having a president who supports rising stock prices is crucial.
Stock market commentator and renowned host of CNBC's financial program Jim Cramer believes that President Trump's appearance at the New York Stock Exchange on Thursday is a good omen for the market, despite the main average stock indices in the USA falling that day.
Cramer is often referred to as the 'God of Lights' by foreign netizens, known for frequently recommending various stocks on his program and commenting on market performance, but the results are usually the opposite.
"Whether you love him or hate him, Trump's unabashed love for business makes it easier for you to be a great investor because investors indeed need to Hold on." He said, "The environment outside is tough, and if you want to make big money in the market, you must be able to hold Stocks against the wind and rain."
Cramer admitted that Trump's views on business do not significantly impact the market every day and mentioned how many good Stocks fell on the same day Trump visited the New York Stock Exchange. On Thursday, computer Software company Adobe's stock price fell by more than 13%. He said Trump cannot increase the company's profit margins. Instead, the company either lowers prices or produces products that are significantly better than competitors like Figma or Canva.
However, Cramer believes that Trump ringing the bell reassures investors and compares it to former President Ronald Reagan's bell ringing in 1985. He said Reagan's pro-business stance motivated people to buy more Stocks, and Trump's bell ringing is a positive signal for investors.
Although many of Trump's proposals during his term may be delayed or obstructed, Cramer said it is important to have a president who supports rising stock prices.
He criticized Biden for never having visited the New York Stock Exchange during his term and mentioned that his experiences with Biden on the CNBC program "Kudlow and Cramer" indicate that Biden does not care about the market.
Kramer said that Biden underestimated the number of people who gained substantial wealth in the past four years, while Trump welcomed the investment class.
CNBC has contacted the White House for comment.
"Today, just like that sunny day in 1985 when Reagan stood here, it reminds us that Trump’s White House will strongly support higher Stocks, making investment easier." He said. "In my view, this is a good thing for the stock market, even if today is not an ideal Trade day, today’s decline absolutely means nothing in the long run."
After reclaiming the presidency, Trump was named TIME magazine's Person of the Year, becoming the second U.S. president in history who did not serve consecutive terms. This news was announced this Thursday, putting Trump at the forefront of a highly controversial list of global influential figures.
TIME magazine stated: "Trump’s political rebirth is unprecedented in American history. His first term ended in disgrace, his attempt to overturn the results of the 2020 election ultimately led to the attack on the U.S. Capitol. By late 2022, when he announced his candidacy amid multiple criminal investigations, most party officials avoided him. More than a year later, Trump surged to victory within the Republican Party, becoming one of the most fiercely contested presidential primaries in history."
Reflecting on his tumultuous path to victory, Trump overcame many significant challenges this year: the complete clarification of the Republican election situation, a conviction in a New York court, and survival from two assassination attempts.
TIME magazine's Person of the Year title is a tradition since 1927, which does not necessarily signify honor but is a recognition of influence.
Trump is the first president since Ronald Reagan to ring the bell at the New York Stock Exchange.