Varney celebrates stock price surge: You are part of the record highs
Stocks setting record after record, Varney said
FOX Business' Stuart Varney, during his latest "My Take" on "Varney & Co.," argued the markets keep climbing despite "pretty grim" news and argues everyone benefits from the surge in wealth creation.
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STUART VARNEY: I've been covering the market since 1975. I've seen crashes and rallies, but I’ve never seen a stock price surge like the one we're in right now. It’s a stunner.
The night Donald Trump was elected in 2016, the Dow was at the 18,000 level. In less than 5 years, it’s almost doubled. Now that’s a rally!
Trump cut taxes. That got the ball rolling.
COVID choked the economy, but Congress spent a couple of trillion dollars. The Fed printed a few trillion more. It was a "wall of money" that kept on coming and kept on boosting stocks. There's more money still to come and stocks are still setting records.
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If you're new to the financial world, you may be surprised. The professionals are surprised too! After all, the news background is pretty grim. Your TV screen is littered with images of chaos and suffering in Afghanistan.
Your Facebook feed lists the Delta surge, mask and vaccine mandates. That’s not exactly positive.
Your grocery bill tells you inflation is real. And so does your gas bill. There's plenty of negatives.
And yet the market goes up.
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Wall Street doesn't make many headlines but it should. We all benefit from the surge in wealth creation.
Investing is no longer just for the elites. It’s been democratized. I've seen the introduction of IRA's, 401(k)s, free trading, cryptos and Robinhood. Seems like everyone is getting into the financial action.
And everyone worries they'll lose it all! That’s part of investing. There's always risk!
Let me close with this: The Dow, the S&P and the Nasdaq, are all at -- or very close to -- record highs. The total value of all stocks is now $47 trillion. And you are a part of that.