There have been a lot of records set on Wall Street since President Trump has taken charge. Unfortunately, there have been a lot of record negatives since Jerome Powell took over the Fed.
But, one day after Trump took on Powell for his lunacy, the Dow hit another positive record. The Dow Industrial Average gained 1,086 in a single day. That is the biggest point gain ever for one day. All three major indexes had their highest percentage gain since 2009. They all recorded gains of almost 5%.
The market is still well below its all-time high, but still, it was a welcome signal from traders, who saw a lot of undervalued stock due to the steep decline of the last two weeks.
Monday’s move lower also came after President Donald Trump commented on the Federal Reserve once more, calling it “the only problem our economy has” in a tweet. Trump also said Tuesday the Fed was “raising interest rates too fast because they think the economy is so good. ” Trump has been critical of the Fed’s decisions regarding monetary policy this year. The central bank has hiked overnight rates four times this year.
“With the end of the quarter, we could get a bounce in the next few days,” said Peter Cardillo, chief market economist at Spartan Capital Securities. But “the problem is [President Donald] Trump continues to create a lot of uncertainty. We can’t focus on the fact there are a lot of good bargains out there.”
This is all taking place amid an ongoing government shutdown that started last week. The Trump administration and congressional leaders are at a stalemate over funding for a wall along the U.S.-Mexico border. The administration says the wall is important for national security while opponents of the barrier note it will not solve the U.S.′ immigration issues.