The American economy under Trump

A board above the trading floor of the New York Stock Exchange shows the Dow Jones industrial average above 19,000, Tuesday, Nov. 22, 2016. (AP Photo/Richard Drew)

WASHINGTON (Sinclair Broadcast Group) - The Dow Jones Industrial Average has closed at a record high at least 16 times since Donald Trump was elected president, and some experts believe it could reach 20,000 - which would be a 120-year record high.

“The stock market is essentially a barometer of what people expect future corporate profits to look like. And the Trump presidency could be pretty good for corporate profits,” said Josh Bivens with the Economic Policy Institute.

That confidence is showing its face a long way off Wall Street as well, with holiday shoppers willing to spend much more than usual this time of year, according to the National Retail Federation (NRF), which predicts sales in November and December could jump 3.6 percent to nearly $656 billion, a larger growth spurt than in years past.

“In all of our surveys that we’ve done for the holiday season, every single one of them have said the economy is in a really good state. Therefore, they’re willing to shop more,” said NRF's Ana Serafin Smith.

Some experts credit President-elect Trump with instilling confidence in the country, while others say outgoing President Barack Obama is still in the White House and it’s his policies that have bolstered the economy.

There may be just a few shopping days left until Christmas, but the real test will come in a few weeks when the new president lays out his new policies, with many watching to see whether or not the Trump bump will be followed by a Trump slump.

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