Embracing a stock market surge is new territory for a president, as it’s something past administrations have typically shied away from.
Under former President Barack Obama, the Dow more than doubled in value, but his administration rarely cited gains in the market when promoting its record on the economy.
The main reason for that, longtime Wall Street observers say, is because what goes up will almost always go back down.
“There’s always a temptation for the president to celebrate what Wall Street is applauding,” said David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. “Wise advisers usually restrain them from doing it.”
Wessel noted that during the tech boom of the late 1990s, Treasury Secretary Robert Rubin counseled President Bill Clinton against any back patting for surging stocks.