Posted on 07/03/2019 12:02:49 PM PDT by Kaslin
Further relaying confidence in the booming economy under President Donald J. Trump, CNBC reports that "stocks closed at record highs on Wednesday as investors bet on a potential rate cut from the Federal Reserve later this month after the release of weaker-than-expected economic data."
President Trump noted the success of the stock market's record-setting day on Twitter, saying, "We have the greatest economy anywhere in the world. We have the greatest military anywhere in the world. Not bad!"
We have the greatest economy anywhere in the world. We have the greatest military anywhere in the world. Not bad!— Donald J. Trump (@realDonaldTrump) July 3, 2019
Here's how the markets played out on Wednesday:
The Dow Jones Industrial Average gained 179.32 points to end the day at 26,966, notching intraday and closing all-time highs. The Nasdaq Compositeadvanced 0.7% to 8,170.23.
The S&P 500 also rose 0.7% to 2,995.82 as the real estate and consumer sectors powered the broad index to record levels. Tech also boosted the index, rising 0.7% to a record high. The S&P 500 closed just 0.1% below 3,000.
CNBC reports that these numbers were due in small part to a "tweet from President Donald Trump calling for easier monetary policy added to expectations of easier Fed policy. Trump said the U.S. should “match” monetary policies from China and Europe, noting they are 'playing big currency manipulation game and pumping money into their system in order to compete with USA.'"
China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games - as they have for many years!— Donald J. Trump (@realDonaldTrump) July 3, 2019
It's a great day for your wallets, better day to be an American. Happy Fourth of July Eve!
Trump’s fault. Happy 4th!
up about 18% this year... 20% first year in office... 8% or so the year in between... Knew the shackles had been on our economy for nearly 20 years... but even I didn’t expect this much... this quickly.
Be nice to see savings rates back around 5% and short term rates a little higher to accommodate savers and give pension funds and insurance contracts a risk-free return for the policyholders as well.
A strong and booming modern economy can easily handle rates at those levels. They have in the past.
Unless interest rates are determined by the free market, there will be dislocations in the real economy and misallocation of capital.
Recall Paul Krugman (NY Times) said the economy would collapse under Trump? If this is collapse? Gimme some!
As I recall, Hillary said something in their debates, that Trump’s plans had been studied by economists, and that we would plunge into deep recession with millions of jobs lost, under Trump’s economic plans.
Hillary was right. At least one Nobel winning economist reviewed Trump’s plans, and commented negatively. That economist would be Paul Krugman.
{Snicker}
“Hillary was right. At least one Nobel winning economist reviewed Trump’s plans, and commented negatively. That economist would be Paul Krugman.”
Wonder what his FR loggin moniker is?
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