“Sprint (S) shares popped after the company announced Wednesday that it was going to “create or bring back” 5,000 jobs to the U.S. in 2017. This announcement was part of an earlier plan by SoftBank, which owns more than 80% of Sprint, to create 50,000 jobs and invest $50 billion in U.S. companies. However, President-elect Trump on Wednesday made the announcement seem as if this was a new agreement with Sprint. Sprint’s shares were up 1.3% to $8.82.”
See Stocks Volatile After Trade Deficit Data; Oil Inventories RiseWe’ve seen lots of hype from Trump’s camp: rising stock market – jobs saved/created… but it is mostly hype. This is just a continuation of what Obama was doing. Also, it seems the stock market may have peaked with nowhere to go but down. Trump is double-counting the Sprint jobs as they are a part of the SoftBank announcement a while back. That’s not a recipe for long term growth. All his bragging about cutting taxes could take a year or more to actually have any effect. What’s the economy going to do in the meantime?
No, I think Trump will paddle hard going against a current. In two years, when there’s another election and his team has negative scores, what are the voters to do? The Rs could lose the Senate and some House seats. Further, Trump is shrill and annoying when he’s winning. Imagine the horror of him losing… Since he’s taken credit for everything, he’ll have no one to blame but himself.