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Donald Trump dubs tech giants the MAGA club as their market value soars

Donald Trump dubs tech giants the MAGA club as soaring share prices make Microsoft, Apple, Google and Amazon each worth $1 TRILLION – prompting president to take credit

  • Four tech giants whose initials spell out President Donald Trump’s favorite acronym have sent the stock market soaring 
  • Microsoft, Amazon, Google and Apple have driven a bull market 
  • Trump noted their first letters spell out MAGA – which is also his campaign slogan of Make America Great Again
  • ‘We have four trillion dollar companies. One is Microsoft, one is Apple, one is Google and one is Amazon,’ he said 
  • ‘So you have an M, you have an A, you have a G, and you have an A – you have MAGA,’ he added
  • He held up a sheet of paper showing how the companies spelled the name 

Four tech giants whose initials spell out President Donald Trump’s favorite acronym have sent the stock market soaring to record highs. 

Microsoft, Amazon, Google and Apple have driven a bull market – together they account for about 17 percent of the S&P 500 and almost 70 percent of the NASDEX gain this year.

The four tech giants all have market caps larger than $1 trillion.

And the president has taken credit for the boom. A strong economy is central argument for his November re-election campaign. 

‘The market is setting a record. We set another record today,’ Trump said in the Oval Office on Tuesday. ‘It will be the 144th time in a three-year period that I’m President.’ 

‘And we have four trillion-dollar companies. One is Microsoft, one is Apple, one is Google, one is Amazon. So you have Amazon, Google, Apple, and Microsoft. And so, you have an M, you have an A, you have a G, and you have an A. You have MAGA,’ he added. 

Four tech giants whose initials spell out President Donald Trump’s favorite acronym have sent the stock market soaring

Trump has been critical of Amazon founder Jeff Bezos, seen together with Microsoft CEO Satya Nadella at a June 2017 meeting at the White House

Trump has been critical of Amazon founder Jeff Bezos, seen together with Microsoft CEO Satya Nadella at a June 2017 meeting at the White House

Trump has better relations with Apple CEO Tim Cook

Trump has better relations with Apple CEO Tim Cook

He held up a sheet of paper showing how the first letters spelled out the initials of his campaign slogan: Make America Great Again.

The president, however, has a tense relationship with Amazon founder Jeff Bezos, who also owns The Washington Post.

Trump routinely criticizes the Post for its coverage of his administration and labels stories he doesn’t like ‘fake news.’

The president does have better relations with Apple CEO Tim Cook, who he has met with at the White House. 

The four stocks – Amazon, Google parent Alphabet, along with Apple and Microsoft – accounted for two-thirds of the S&P 500’s gain so far in 2020, DataTrek Research said in a note on Monday. The index is up 4.4% year-to-date.

Apple and Microsoft also account for 5% of the weight in MSCI’s all-country world index, a closely-watched barometer of global stocks, according to Ned Davis Research. That amounts to a larger market value than 47 of the 48 non-U.S. country markets in the index, all but Japan, according to Ned Davis.

Ivanka Trump and Jared Kushner leave a party at Jeff Bezos' Washington D.C. home in January after the annual Alfalfa dinner

Ivanka Trump and Jared Kushner leave a party at Jeff Bezos’ Washington D.C. home in January after the annual Alfalfa dinner

‘It’s just not sustainable,’ said Tim Hayes, chief global investment strategist at Ned Davis Research.

The risk, Hayes said, is ‘that at some point these stocks are no longer going to be propping up the market but instead weighing it down.’

‘And that would happen in the U.S. and then the U.S. would weigh down the global trend,’ Hayes said.

 

Read more at DailyMail.co.uk


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