The latest piece of evidence that is backing up the so-called “Trump Effect” comes to us from the previously struggling U.S. automotive industry. Earlier this week we reported on a massive change in plans by Ford to bring jobs back to the United States, and now it looks like that same belief in a Trump presidency has trickled down to the American auto consumer as well.
“U.S. sales of new cars and trucks hit a record high in 2016, automakers said on Wednesday, and investors bid up shares in the sector as strong consumer confidence and relatively low fuel prices bolstered the industry’s outlook.
“Shares of General Motors Co (GM.N) rose 5.5 percent and Ford Motor Co <F.N) stock rose 4.6 percent, far outpacing the wider Dow Jones Industrial Average, which was up only 0.3 percent.