The United States’ economy continued to roar to life under President Trump and the Republican-controlled Senate during the holiday season; with the Nasdaq composite setting new records above 9,000 points.
“The Dow Jones Industrial Average DJIA, +0.20% was about 77 points, 0.3%, higher, trading near 28,591, just below a fresh intraday record. The S&P 500 SPX, +0.34% was up 11 points, 0.4%, to touch 3,235. The Nasdaq COMP, +0.60% jumped 47 points, 0.5%, after setting a fresh intraday record and touching 9,000,” reports Market Watch.
“Market participants are focused on the prospects of a completing a phase-one U.S.-China trade deal, with only a few trading sessions remaining in 2019. Over the past few days, markets have pegged optimism to comments from President Donald Trump and Chinese officials who have signaled that such an agreement is in the works,” adds the website.
This is a developing story. Check back for updates.
Source: Market Watch
STOCKS SURGE: Dow Jones Jumps 100 Points, Smashes NEW Record
The Dow Jones Industrial Average continued to soar under President Trump and the Republican-controlled Senate Tuesday; jumping more than 100 points in early day trading while smashing another new record.
“The Dow Jones Industrial Average traded 96.44 points higher to 28,551.53, while the S&P 500 rose 0.1%, or 2.79 points, to 3,224.01 and the Nasdaq Composite advanced 0.2%, or 20.69 points, to 8,945.65. The three major averages all posted record closes. Shares of Boeing led the gains, jumping 2.9% after the company ousted CEO Dennis Muilenburg amid the 737 Max crisis,” reports CNBC.
“Investors cheered the news that China will cut import tariffs on a wide range of goods. China’s finance ministry announced starting January 1, it will lower import tariffs on over 850 products ranging from frozen pork to some types of semiconductors. China is making efforts to boost imports amid a slowing economy and a trade war with the U.S,” adds the website.
“Stocks are grinding relentlessly higher into year-end on continued momentum from the positive resolution of four key events: A phase one trade deal, a dovish Fed, economic data that isn’t getting worse and Brexit resolution,” Tom Essaye, founder of Sevens Report, said Monday.
Read the full report here.
STOCKS SURGE: Dow Jumps 250+, S&P 500 Smashes New Record, NASDAQ Hits All-Time High
The American stock market surged Friday after an October jobs report posted better-than-expected private payroll growth; sending the Dow Jones average up 250-points and the S&P 500 setting a new record.
“The October jobs report was very strong,” said Gus Faucher, chief economist at PNC. “Job growth slowed a bit because of the GM strike, but with the strike over it should bounce back in November.”
“Stock Market up BIG! Record highs for S&P 500 and NASDAQ. Enjoy!” posted the President on social media.
Stock Market up BIG! Record highs for S&P 500 and NASDAQ. Enjoy!
— Donald J. Trump (@realDonaldTrump) November 1, 2019
October job creation topped analyst’s expectations this week; with the US economy adding more than 128,000 positions despite the ongoing worker strike at General Motors.
“Nonfarm payrolls rose by 128,000 in October as the U.S. economy overcame the weight of the GM autoworkers’ strike and created jobs at a pace well above expectations,” reports CNBC.
“Even with a decline of 42,000 in the motor vehicles and parts industry, the pace of new jobs well exceeded the estimate of 75,000 from economists surveyed by Dow Jones. The loss of jobs came due to the General Motors strike that has since been settled. That 42,000 job loss itself was less than the 50,000 or more that many economists had been anticipating,” adds the website.
“This report is yet another sign that the economy is still strong right now and adds to a list of indicators that are looking optimistic of late,” said Steve Rick, chief economist at CUNA Mutual Group. “The vigor of this labor market, along with a more positive housing market and solid Q3 GDP, should offer some welcome reassurance.”
The unemployment rate remains steady at 3.6%.
Read the full report at CNBC.