Mnuchin: Stock market 'absolutely' Trump admin's economic report card

Mnuchin: Stock market 'absolutely' Trump admin's economic report card
© Greg Nash

Treasury Secretary Steven Mnuchin tied the success of the Trump administration’s economic policy to the success of the United States stock market Thursday, a rare step for high-ranking government officials.

Mnuchin told CNBC that the stock market is “absolutely” a good report card for the Trump administration, citing massive gains since President Trump’s election.

"There's a lot of confidence in the Trump administration and in the desire to invest in the U.S.," Mnuchin said. "This is a very competitive place to do business. We've got great companies, and you see that reflected in the markets."

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The stock market has rallied since Trump’s election, sending the Dow Jones industrial average soaring to unprecedented heights. Investors have poured $52.3 billion into funds tracking U.S. stocks so far in 2017, according to CNBC, and several corporations have announced investments in U.S. manufacturing.

"We're in an environment where there's very attractive investment opportunities in the U.S., and I think that's reflective of the administration's goals and what the market thinks of it," Mnuchin said.

Presidents and policymakers have historically been wary of claiming credit for the fickle stock market’s success. Those who do can take the blame when the market declines, and stock performance doesn’t always reflect other key economic metrics, like economic growth and income inequality.

The Dow more than doubled its value under President Obama, but economic growth averaged just 1.6 percent during his two terms, according to CNBC.