The American economy continued to roar to life under President Trump and the Republican-controlled Senate Monday, with the Dow Jones Industrial Average gaining 200 points and reaching its all-time high.
“Stocks hit record highs on Monday and were on pace for its fourth straight gain as a so-called phase one trade deal between China and the U.S. clears the path higher for stocks to end a banner year,” reports CNBC.
“The U.S. and China announced Friday they will move forward with a so-called phase one trade deal. As part of the agreement, the U.S. will roll back some levies on Chinese products and China will increase its purchases of U.S. agricultural products. Treasury Secretary Steven Mnuchin said will be inked in January,” adds the website.
The Dow gained its 10,000th point since President Trump defeated Hillary Clinton in the 2016 election Monday ; a 54% increase since his victory on November 8th.
“The Dow Jones Industrial Average crossed 28,332.74 on Monday, meaning it has rallied 10,000 points, or more than 54 percent, since Trump’s election victory on November 8, 2016. The benchmark S&P 500 has gained more than 46 percent,” reports Fox Business.
“The rally has been driven by pro-growth measures, de-escalation of trade tensions, huge liquidity injections by central banks and a FOMO approach by investors worried about missing out on a remarkable U.S. market outperformance that has set one record high after the other.” Mohamed El-Arian, chief economic adviser at Allianz, told FOX Business.
“The gains show why U.S. markets have become the envy of the world under Trump, who has followed through on his promises of cutting taxes and regulations and rewriting global trade deals in America’s favor,” adds Fox Business.
Read the full report here.
Source: Fox Business
This is a developing story. Check back for updates.
BREAKING NEWS: Dow Jones SOARS 200 Points, Breaks 27,000 for First Time in US HISTORY
The Dow Jones Industrial Average jumped 200 points Thursday afternoon; breaking an all-time high and surpassing 27,000 points for the first time in American history.
“The Dow Jones Industrial Average rallied to a record high on Thursday, led by UnitedHealth shares, after testimony by Federal Reserve Chair Jerome Powell that signaled easier monetary policy could be implemented later this month,” reports CNBC. “The 30-stock average broke above 27,000 for the first time in its history, rising 200 points or 0.8%.”
“Crosscurrents have reemerged,” said Federal Reserve Chair Jerome Powell. “Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened. Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.”
The US Stock Market posted major gains last Monday; with the S&P 500 setting a new record in the first hours of July trading.
“U.S. stocks jumped on Monday after the U.S. and China agreed to hold off on slapping additional tariffs on their products in an effort to resume trade talks,” reports CNBC. “The S&P 500 rose 0.8% and reach an all-time high of 2,977.86, breaking above its previous record of 2,964. The Dow Jones Industrial Average gained 152 points, or 0.6% as Nike and Apple outperformed. The Nasdaq Composite jumped 1.1%.”
“The markets appear to be content with the cooperative tone coming out of the meetings. To me, it felt like the contrarian play was to the upside post meetings,” said Dan Deming, managing director at KKM Financial. “There was a great deal of bearishness in sentiment headed into the meeting. Many market observers were discounting any change in the narrative, which made many believe the risk was to the downside.”
The Dow Jones Industrial Average and S&P 500 inched higher last week; posting the biggest June returns since 1938.
“Recent gains have put the Dow Jones Industrial Average DJIA, +0.14% in position to ring up its best June gain of 7% since 1938 when the blue-chip benchmark surged an eye-popping 24.3% on the month,” reports Market Watch.
Read the full report at CNBC.
Dow Jones Hits Record High, Jumps 100+ After US-China Trade Talks
The Dow Jones Industrial Average reached its record high Monday morning; rising more than 100 points as US-China trade negotiations move forward.
“The Dow Jones Industrial Average reached a milestone on Monday as investor sentiment was lifted by optimism around a potential U.S.-China trade deal,” reports CNBC. “The 30-stock index rose 128 points, or 0.5% to hit its first all-time high since mid-July. Goldman Sachs contributed the most to the gains, rising 1.1%. Trade bellwethers Boeing and Caterpillar also traded higher.”
“Stock Market hits RECORD HIGH. Spend your money well!” posted the President on social media.
Stock Market hits RECORD HIGH. Spend your money well!
— Donald J. Trump (@realDonaldTrump) November 4, 2019
Original Story: November 1, 2019
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.