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While the stock market saw its 50th record high close under President Trump, David Asman and Melissa Francis took a look back at dire predictions some observers made on Election Night 2016.

Despite an official close at 22,998, the Dow Jones Industrial Average briefly crossed the 23,000 mark earlier Tuesday.

The Dow Jones Industrial Average traded to a new intraday high of 23,002 during the session. The blue-chip index closed with a gain of 40.5 points, or 0.18%, at 22,997.44. The S&P 500 fell 1.7 points, or 0.07%, to 2,559.36. The Nasdaq Composite edged 0.4 points lower, or 0.01%, to 6,623.66.

Almost a year ago, Princeton University economist Paul Krugman greeted Trump's election victory with dire predictions for Wall Street.


"It really does look like 'President Donald Trump' and markets are plunging. If the question is when markets will recover, a first-pass answer is 'never'," Krugman wrote at the time.

Krugman predicted a "global recession" to follow Hillary Clinton's electoral loss - "with no end in sight."


New York Times writer Andrew Ross Sorkin projected last November that the stock market would "fall precipitously."

Investor Gary Kaltbaum told FBN he ironically hasn't heard much from Krugman or Sorkin in the months since Trump's election.

Watch more above.

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