The Dow Jones Industrial Average reached 20,000 points for the first time in history on Wednesday, but Fox Business host Trish Regan doesn’t think the stock market thriving under Donald Trump will get Hollywood investors to care for the new president anytime soon.
“I don’t know if Hollywood is ever going to come around to thinking that Donald Trump is good for America. They’ve made a decision and they’re very wedded to that decision. They’re very personally invested in that decision,” Regan told TheWrap. “Even though stocks may be going higher, even though their own company stock may be going higher, they’re wrestling with who they think Donald Trump is and who they think he represents.”
The “Intelligence Report” host said that despite “very good economic and stock market data” she feels it’s going to be challenging for Hollywood to give Trump any credit and because they’re “not ready or willing” to accept him. While Regan doesn’t think the Dow Jones record high under Trump will impact Hollywood decision makers, she feels it has a significant effect on average Americans.
“It’s very symbolic from a physiological standpoint, we’ve been so close. We’ve been flirting with Dow 20,000 now for weeks and we’re now finally there. That means a lot, not necessarily for the trading community because they’re not hanging their hats on 20K, but it means a lot to your average investor,” Regan said. They’re seeing green on the screen in a very big way. This is a level the market has never reached before, we’ve broken through it, so there is an optimism associated with that.”
Trump might be loathed by Hollywood liberals, but you won’t hear people on Wall Street complain about the new POTUS much at the moment.
“I think Trump is playing a big role in this market rally. Lower taxes, less regulation, those are two things that, despite what your politics may be, people on Wall Street are just not going to argue with,” Regan said. “CEOs like the idea of a president that understands business, is reaching out to them and asking them what the government can help them with to make them more productive and encourage them to hire more. They’re responding in a very positive way.”
Regan, who spent time working in the emerging debts market group at Goldman Sachs and has been reporting on finance for over 15 years, said she has talked to numerous people in the business community who “are quite liberal and voted for Hillary Clinton” but “won’t argue with lower taxes and less regulations.”
“They’re hopefully,” she said. “The question now is going to be ‘can he get it all done?’ He’s got a lot of promises that he’s got to live up to. He seems to be very interested in getting things done quickly. That’s also great for Wall Street because Wall Street is very impatient.”
“Intelligence Report with Trish Regan” airs weekdays on Fox Business at 2 p.m. ET