The American stock market surged Wednesday after reports of a potential trade deal with Canada; setting new records for both the Nasdaq composite and the S&P 500 index.
According to CNBC, the Nasdaq spiked a whopping 1% and the Dow Jones Industrial Average rose 54 points as Apple and Amazon posted huge gains.
“A rally in tech stocks led the Nasdaq Composite and S&P 500 to record highs, with Amazon, Alphabet and Apple leading the gains. Investor sentiment was also boosted by a resumption of U.S.-Canada trade talks,” writes CNBC.
“Canadian Foreign Minister Chrystia Freeland rejoined NAFTA talks on Tuesday, a day after the U.S. and Mexico announced they had struck a bilateral trade deal. Freeland told reporters that Mexico’s ‘difficult’ concessions to the States earlier this week would help lead the way for productive discussions between the three countries this week,” adds the article.
Read the full report at CNBC.
USA UNLEASHED: American Jobless Claims PLUMMET to Lowest Levels Since ‘73
Americans are filing unemployment benefits at the lowest levels since 1973, signaling a major upswing in the US economy as employers scramble to find workers as the nation nears full employment.
According to Bloomberg, the shocking drop in benefit claims is accompanied by an unemployment rate of just 4.1%, the lowest level seen since 2000.
“The drop in claims shows that companies are increasingly holding on to their employees amid a shortage of skilled labor,” write Bloomberg. “Businesses are struggling to find workers to fill positions, particularly in manufacturing and construction, as cited in some anecdotes for the Federal Reserve’s Beige Book released Wednesday.”
The strong economic data comes as Apple and other American-based corporations announce major plans to reinvest in the US following the GOP-led tax cuts.
President Trump hailed Tim Cook’s decision to repatriate over $350 billion into the USA over the next five years on social media Wednesday, saying it was “great to see Apple follow through as a result of tax cuts. Huge win for American workers and the USA!”
I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States. Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA! https://t.co/OwXVUyLOb1
— Donald J. Trump (@realDonaldTrump) January 17, 2018
USA UNLEASHED: Second Quarter GDP REVISED UP, Grew FASTER than Expected
The US economy actually grew by a stunning 4.2% in the second quarter of 2018; inching upwards by 0.1% after economists officially reviewed government and business data from across the country.
According to Yahoo News, the “roaring growth” seen under President Trump was higher than previously estimated; smashing expectations just months after the Commander-in-Chief signed the sweeping overhaul of the nation’s outdated tax code into law.
“The uptick in estimates of second quarter spending by companies was sure to comfort President Donald Trump and supporters of December’s sweeping corporate tax cuts who argue that lowering corporations’ tax burdens will spur investment and growth,” writes Yahoo.
“Gross Domestic Product advanced at an annual rate of 4.2 percent in the April-to-June period, a tenth of a point faster than initial estimates showed last month and — at nearly twice the first quarter’s pace — he fastest growth in almost four years, according to the Commerce Department,” adds the article.
Read the full report here.