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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

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Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Finance

The Dow Just Hit 20,000 for the First Time in History

Lucinda Shen
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Lucinda Shen
Lucinda Shen
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Lucinda Shen
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Lucinda Shen
Lucinda Shen
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January 25, 2017, 10:15 AM ET
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Thanks, Donald Trump.

After flirting with the 20,000 threshold for well over two months, the Dow Jones industrial average, a collection of 30 major U.S. companies, finally breached the mark at Wednesday’s market open.

The Dow has surged since President Donald Trump was elected in early November, as investors expected the president’s increased spending plans and deregulatory stance to boost the stock markets.

 

Some have argued that the quick run up in stocks could become a problem for President Trump because the economy doesn’t seem to have improved as much as the market. What’s more, stocks were considered to be expensive, given that corporate profits have fallen lately. That could be setting up the market for a correction.

(Related: See the Dow 20,000 Stock Run Compares to Other Bull Markets)

The rally has largely been led by financial giants, including Goldman Sachs (GS), a bank where several of Trump’s advisors are alumni. Several of Trump’s cabinet picks, including his potential Treasury Secretary Steven Mnuchin, have leaned toward deregulating the financial sector and pulling back on the Dodd-Frank Act.

Goldman has risen 29% since the elections, while the Dow has risen nearly 9% in comparison.

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