Home News Featured News 'More good news is coming' - President Trump assures Americans as financial...

‘More good news is coming’ – President Trump assures Americans as financial markets reach all time high

Author

Date

Category

- Advertisement -

President Donald Trump observing the stock market break new highs, tweeted about it Thursday morning. “For all of you that have made a fortune in the markets, or seen your 401k’s rise beyond your wildest expectations, more good news is coming” he said.

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 the resumption of U.S.-Canada trade talks.

The Dow Jones Industrial Average DJIA, -0.20% rose 60.55 points, or 0.2%, to 26,124.57, coming within 1.9% of its record close set on Jan. 26. The S&P 500 index SPX, -0.08% climbed 16.52 points, or 0.6%, to 2,914.04, while the Nasdaq Composite Index COMP, +0.27% added 79.65 points, or 1%, to 8,109.69, both records.

- Advertisement -

For the month of August, the Dow is up nearly 3%, the S&P 500 is up 3.5% and the Nasdaq is up 5.7%.

For all the fears of a slowdown, growth is still kicking both on the macro and micro level. Real U.S. GDP was revised to an annualized rate of 4.2% up from the initial estimate of 4.1%. Business investment, net exports and government spending were revised up, offsetting downward revisions to consumer spending and residential.

The Trump administration’s bilateral agreement with Mexico on Monday continued to underpin investor hopes that a global trade war would be averted, which would likely support investor appetite for risker assets like stocks.

Ongoing optimism over trade comes as U.S. Treasury Secretary Steven Mnuchin said Tuesday the Trump administration’s objective “is to try to get Canada on board quickly.” U.S.-Canada trade talks got underway on Tuesday.Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

‘Go back, bloody Indians,’ says S’porean man to expat family at Pasir Ris Beach Park

Singapore – A man who repeated he was Singaporean and an NS (National Service) man was spotted accusing an expatriate family of four of spreading the Covid-19 virus in Singapore. A video of the altercation, reported to have occurred on May 2,...

Ho Ching explains to Calvin Cheng why S’pore is vaccinating slowly

Singapore – Information on why Singapore has not been able to vaccinate fast enough was highlighted by former Nominated Member of Parliament Calvin Cheng on social media. Mr Cheng took to Facebook on Sunday (May 9) to share screenshots of a Facebook...

Nearly 10,000 take umbrage at Ng Yat Chung and sign petition calling for his dismissal

Singapore -- Almost 10,000 people have taken umbrage at SPH CEO Ng Yat Chung’s “boorish behaviour” and have signed a petition calling for his dismissal. Singapore Press Holdings (SPH) Chief Executive Officer (CEO) Ng Yat Chung took “umbrage” at a reporter's questions...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

Theindependent