Despite two hours of air time, CBS This Morning on Thursday ignored the stock market soaring above 22,000. Over on NBC’s Today, the journalists allowed Donald Trump “some” credit for the rise, but cautioned not to give too much. ABC’s Good Morning America mentioned the surge in a news brief.
On This Morning, the network devoted no stories to the financial news and the topic only came up when Republican Senator Tim Scott mentioned it. Instead, CBS focused on less important subjects, such as offering five and a half minutes to the music of film composer Hans Zimmer.
On NBC’s Today, Stephanie Ruhle informed, “There is some level of a Trump trade. People say that there's not, but when President Trump was elected, he said, ‘I'm a pro business guy. We are going to have deregulation, infrastructure spending.’” She added, “That excited people.”
Ruhle offered Trump “some credit,” but not too much:
He can have some credit but if you actually speak to real inventors and CEOs they are not that focused on the administration. In the beginning, I remember we talked about this once. CEOs were afraid of President Trump and the Trump tweet. There's so much noise around the administration, corporate America is kind of ignoring it.
Over on ABC’s Good Morning America, the journalists allowed a scant 19 seconds. Co-host Amy Robach threw cold water on the good news: “The Dow is up 23 percent since the presidential election. But overnight an indication the rally could be fading. Global stocks were mostly lower.”
On Wednesday night, all three network evening newscasts got to the Dow reaching 22,000.
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A transcript of the Today segment is below:
Today
8/3/17
7:06am ETMATT LAUER: A lot more to get to this morning including investors hoping the good times keep rolling on Wall Street. On Wednesday the Dow soared to a new record, climbing above 22,000 for the very first time. More than three times higher than where it was back in early 2009 during the throes of that economic crisis. So what’s it mean for you? NBC's Stephanie Rhule is here with a closer look. Steph, good morning to you. Let’s break it down two ways. Yesterday it was a lot about Apple. They said “We have got higher than expected profits.” Investors love that sort of thing. But go back and look at the trend over the last six months or so. What's driving it?
STEPHANIE RUHLE: There is some level of a Trump trade. People say that there's not, but when President Trump was elected he said, “I'm a pro business guy, we are going to have deregulation, infrastructure spending.’” If you look at business sentiment, that excited people. So during the Obama administration people felt like there was a lot of regulation, whether you were a CEO of a Fortune 500 company or ran a small business. President Trump said, “I'm getting rid of that.” He hasn't yet, it's just been promises, but people do know they are not going to get more regulation. Separate from President Trump we do have good earnings. Things are chugging along. President Obama took us out from a dark, dark hole and the beat goes on and things are slowly moving higher. So, it's a combination of the two.
HODA KOTB: Well, how much credit does President Trump get? The Dow is up nearly 20 percent since he was elected and since he was sworn into office the Dow is up more than 11 percent So does he have the right to take credit for this ride?
RUHLE: He can have some credit but if you actually speak to real inventors and CEOs they are not that focused on the administration. In the beginning, I remember we talked about this once. CEOs were afraid of President Trump and the Trump tweet. There's so much noise around the administration, corporate America is kind of ignoring it.
