Wharton’s Jeremy Siegel Calls Trump the Most Pro-Stock Market President in U.S. History

The stock market may see a significant boost under President-elect Donald Trump, potentially surpassing gains from any previous administration due to his pro-business stance, says Jeremy Siegel, a finance professor at the Wharton School of the University of Pennsylvania.

“President-elect Trump is the most pro-stock market president we have had in our history,” Siegel said on CNBC’s Squawk Box. “He measured his success in his first term by how well the stock market performed. It seems highly unlikely he’d implement policies harmful to the market.”

Following Trump’s election, the market surged to new highs as investors anticipated that his promises of tax cuts and deregulation would drive growth and benefit risk assets.

The S&P 500 rose 4.66% last week, marking its best performance since November 2023 and breaking above the 6,000 level for the first time. The Dow Jones Industrial Average also reached a new milestone, surpassing 44,000 post-election. Stocks anticipated to benefit under Trump, such as Tesla, surged—its shares jumped 29%, pushing its market cap back over $1 trillion. Bank stocks, including JPMorgan Chase and Wells Fargo, also rallied, while Bitcoin hit record highs as traders anticipated looser regulations under Trump.

Siegel expects Trump’s corporate tax cuts from 2017 to be extended. “The extension of his 2017 tax cuts seems almost certain, though expanding those cuts further could face greater challenges,” he said.

However, Trump’s trade policies, including proposed tariffs on trading partners, could slow growth and heighten inflation risks. This comes as the Federal Reserve has spent over two years raising interest rates to curb inflation.