Economy

DOW BLASTS OFF: Dow Jones Posts 1168+ Point Gain, Best Week Since November 2018

posted by Hannity Staff - 6.07.19

The stock market soared at closing time Friday afternoon; posting the biggest weekly gain since November 2018 as the Dow Jones posted a five-day increase of 1168 points.

“The Dow Jones Industrial Average clawed back 1168 +points giving the blue-chip benchmark its best seven days since November of 2018, according to the Dow Jones Market Data Group and the best five days of 2019. The Dow crossed back above 26,000, an important psychological level for many traders, before settling just below that level on Friday,” reports Fox Business.

“The treasury market and perhaps the equity market as well today on its rise is saying the Fed’s going to cut rates” noted Nuveen Chief Equity Strategist Bob Doll in an interview on FOX Business.

“There is ample historical evidence that this [a rate cut] is a good move by the Fed,” Peter Dietrich, Fairfax Global Markets CEO, told FOX Business.

The strong gains come as the Trump administration makes progress in future trade talks with Mexico; threatening a 5% tariff should the two countries fail to reach an agreement.

“Immigration discussions at the White House with representatives of Mexico have ended for the day. Progress is being made, but not nearly enough! Border arrests for May are at 133,000 because of Mexico & the Democrats in Congress refusing to budge on immigration reform. Further talks with Mexico will resume tomorrow with the understanding that, if no agreement is reached, Tariffs at the 5% level will begin on Monday, with monthly increases as per schedule. The higher the Tariffs go, the higher the number of companies that will move back to the USA!” posted the President online.

Read the full report at Fox Business.