Trump rings Wall Street opening bells, ties presidency to stock gains

Donald Trump rang the opening bells for both the New York Stock Exchange and Nasdaq from the Oval Office, turning a routine market ritual into a first-of-its-kind White House ceremony. The appearance marked the first day of trading for Trump Accounts, the new tax-advantaged investment vehicles for U.S. children that became operational on July 4.

Trump is using stock-market performance to argue that his presidency is succeeding, even as high inflation has weighed on his popularity. Rising equity prices can lift 401(k)s and brokerage balances, yet they do not directly answer the questions most families ask about the economy, such as whether wages are keeping up with prices or whether rent, groceries and borrowing costs are easing.

Families and others can contribute up to $5,000 a year, the money is invested in a broad stock-market index, and the accounts remain under guardian control until age 18. If the accounts are fully funded and left untouched, they could grow to as much as $1.9 million by age 28. The program joins existing tax-advantaged options for children, including custodial Roth IRAs and 529 plans, but with different rules and limits.

Michael and Susan Dell pledged $6.25 billion to help 25 million American children 10 and under claim the accounts, with the first 25 million qualifying children in ZIP codes where median incomes are below $150,000 set to receive an additional $250. Michael Dell said the effort would “seed the American Dream” and could help create a path to education, home ownership, entrepreneurship and wealth building. He also said the effort would make every child a shareholder in American capitalism.