The US Stock Market posted major gains 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.
“The S&P 500 index SPX, +0.23% is on track for its best June return, with a gain of about 6.5%, since 1955 when the broad-market benchmark rose 8.2%, while the Nasdaq Composite Index COMP, +0.17% was on track for a 6.9% return in June, which would represent its best June since a 16.6% gain back in 2000. The S&P 500 last week notched its first record close since April 30, while the Dow is off less than 1% short of its Oct. 3 all-time closing peak,” adds the website.
The Stock Market went up massively from the day after I won the Election, all the way up to the day that I took office, because of the enthusiasm for the fact that I was going to be President. That big Stock Market increase must be credited to me. If Hillary won – a Big Crash!
— Donald J. Trump (@realDonaldTrump) June 28, 2019
“The Stock Market went up massively from the day after I won the Election, all the way up to the day that I took office, because of the enthusiasm for the fact that I was going to be President. That big Stock Market increase must be credited to me. If Hillary won – a Big Crash!” posted President Trump on Twitter.
The United States stock market approached its all-time high last Tuesday; with investors and industry insiders saying it could smash previous records at any moment.
“The next big test for the stock market will be whether the major indexes can break through all-time highs, just a short distance away,” reports CNBC. “Stocks have rallied on expectations that the Fed should be cutting interest rates in the near future, and that President Donald Trump would stand down from his threat to put tariffs on Mexico, as he did on Friday. The Dow Jones Industrial Average and S&P 500 are both up more about 5% in June. The Dow is up for six-straight days and futures pointed to another big gain Tuesday.”