The S&P 500 and NASDAQ exchanges have posted new all-time highs as the Trump economy keeps propelling companies to profitability and the creation of jobs. The Dow Jones Average is within 1.1% of it’s all-time high, too.
After Trump’s election, economists predicted the crashing of the stock market, but instead, we have seen record after record fall by the wayside and the economy continues to grow.
And the unemployment rate is lower than it’s been in many years and could soon also be at an all-time low. Unemployment has been dropping, wages are up almost 3% and manufacturing, with its high paying jobs has made a tremendous comeback. Meanwhile, Democrats say the economy has crashed from the boom years of Obama.
Sorry, I couldn’t keep a straight face.
The S&P 500 and Nasdaq Composite rallied on Tuesday to notch record closing highs as Wall Street cheered stronger-than-expected quarterly profits from some of the largest publicly traded U.S. companies.
The broad index closed 0.9% higher at 2,933.68, topping its previous record close of 2,930.75. The S&P 500 also ended the day just below its intraday record of 2,940.91. The Nasdaq closed up 1.3% at 8,120.82. The Dow Jones Industrial Average, meanwhile, gained 145.34 points to close at 26,656.39 and was 1.1% from an all-time high.
Tuesday’s move toward an all-time closing high comes less than six months after a sharp decline in late December, which led the S&P 500 to its worst annual performance since 2008. But stocks quickly turned around as the Federal Reserve reversed course on monetary policy while the tone around U.S.-China trade talks improved.
“These market levels are justified,” said Kevin Barry, chief investment officer at Captrust Advisors. “The fourth-quarter sell-off actually prevented a recession because policymakers responded extremely quickly. Both President Xi and President Trump cooled off the rhetoric and Fed Chairman Jerome Powell came out and reversed course.”