Trump: 'Spend Your Money Well' as Stocks Hit Record Highs Read Newsmax: S&P 500, Dow Open at Record Highs on Trade Deal Optimism
Trump is presiding over an economic boom as our President. Record low unemployment. Wages going up substantially for the first time in decades, tax cuts provide for corporate and individual economic growth. Renegotiated and better trade deals. A renewal of manufacturing growth. Energy independence. Re elect the President. Four more years!
S E E D E D C O N T E N T
The Dow and S&P 500 notched record closing highs on Thursday, as President Donald Trump continues to cheer as the market continues to charge deeper into record territory.
"Stock Markets (all three) hit another ALL TIME & HISTORIC HIGH yesterday! You are sooo lucky to have me as your President (just kidding!). Spend your money well!" Trump wrote on Twitter earlier this week.
"Stock Market up big today. A New Record. Enjoy!" he posted in a tweet earlier Thursday.
The latest signs of progress in U.S.-China trade relations relieved investors, but a report raising fresh worries about the outlook for a deal limited the day's gains.
China said it had agreed with the United States to remove tariffs in phases, while state-owned Xinhua News Agency said Beijing was also considering removing restrictions on poultry imports.
But indexes pared gains in afternoon trading after a Reuters report, citing sources, said that the White House’s plan to roll back China tariffs faces internal opposition and that no final decision has been made yet.
An interim U.S.-China trade deal is expected to include a U.S. pledge to scrap tariffs scheduled for Dec. 15.
“Any kind of uncertainty there, with the market at all-time highs, and it’s easy for traders and institutions to press the sell button and take some money off the table,” said Alan Lancz, president, Alan B. Lancz & Associates Inc, an investment advisory firm, based in Toledo, Ohio.
The latest batch of earnings offered some upbeat news.
The S&P 500 technology index ended up 0.7%, with shares of Qualcomm Inc. (QCOM) up 6.3% after it forecast current-quarter profit above analysts’ estimates.
Together with Qualcomm, other chipmakers, which have a sizeable exposure to China, also rose, propping the Philadelphia Semiconductor index .SOX up 0.7%.
The trade-sensitive industrials sector finished up 0.2%.
The Dow Jones Industrial Average rose 182.24 points, or 0.66%, to 27,674.8, the S&P 500 gained 8.4 points, or 0.27%, to 3,085.18 and the Nasdaq Composite added 23.89 points, or 0.28%, to 8,434.52.
The day’s gains resumed the recent record run for stocks, which have been bolstered, along with trade deal hopes, by some upbeat earnings.
“Corporate earnings, while down year over year, are better than many had expected, and that’s a plus,” said Oliver Pursche, chief market strategist of Bruderman Asset Management in New York.
Also on Thursday, Ralph Lauren Corp. (RL) surged 14.7% after it topped second-quarter profit expectations, helped by a tighter control on expenses and strong demand for its Polo shirts and tweed jackets in China and Europe.
On the down side, Expedia Group Inc. (EXPE) plunged 27.4% as the online travel booking company missed quarterly profit estimates.
Declining issues outnumbered advancing ones on the NYSE by a 1.06-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.
The S&P 500 posted 54 new 52-week highs and five new lows; the Nasdaq Composite recorded 118 new highs and 85 new lows.
Volume on U.S. exchanges was 7.92 billion shares, compared with the 6.83 billion-share average for the full session over the last 20 trading days.
© 2019 Thomson/Reuters. All rights reserved.
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BS as usually about the BOOMING economy...tell that to the dairy farmers.
'Losing two farms a day': Wisconsin is facing a serious dairy crisis
WTF does that have to do with anything?
Did you even read the article?
Wisconsin Dairy farmers have been struggling for 15 years and now all of a sudden you are concerned about it? I thought the left hated the gubamint giving hand outs to farmers?
It wouldn't be necessary if trump didn't fuck them over with the trade wars. And you know what all that bailout money trump is throwing out to those farmers is called? Socialism.
Thanks for proving just how little you know.
Which doesn't have a thing to do with the plight of the Wisconsin dairy farmers, unless you want to blame Obammy for it during his failed 8 years as President?
Stocks rose and each of the three major indices hit fresh intraday record highs after China said it had come to an agreement with the U.S. to remove existing tariffs in stages as part of a working trade deal. The Dow and S&P 500 each also posted record closing highs.
The Treasury yield curve steepened and gold prices slumped, as investors piled into risk assets. The 10-year yield surged by more than 15 basis points, climbing the most since 2016 and bringing it to as high as 1.9713%, its highest level since August. Treasury yields move inversely to prices.
Here’s where markets settled Thursday at the end of regular equity trading:
S&P 500 (^GSPC): +0.27%, or 8.42 points
Dow (^DJI): +0.66%, or 182.44 points
Nasdaq (^IXIC): +0.28%, or 23.89 points
WTI crude oil prices (CL=F): +0.91% to $56.86 per barrel
10-year Treasury yield (^TNX): +10.4 bps to 1.916%
Gold (GC=F): -1.57% to $1,469.60 per ounce
A spokesperson for China’s Ministry of Commerce said Thursday that the “leaders of China and the United States have carefully resolved their core concerns in the past two weeks and have carried out serious constructive discussion, agreeing to cancel the tariff increase in stages with the progress of the agreement,” according to a translation of a report from China’s state-run Global Times. A cancelation of the Trump administration’s punitive tariffs on Chinese imports has been a key conditions Beijing has demanded for reaching an eventual deal.
Later during Thursday’s session, a person familiar told Yahoo Finance there is an agreement to roll back tariffs as part of a phase one deal. Reuters, however, reported that there was some pushback in the White House to deescalate tariffs on Chinese imports.
The developments, on net, added to hopes that recent U.S.-China discussions would produce a meaningful reduction in the tariffs feared to cut into corporate profits and consumers’ wallets. It followed a report Wednesday that President Donald Trump and China’s Xi Jinping could push back a meeting to sign a Phase One trade agreement until December, which had sent stocks to session lows.
Specialist Thomas Schreck, left, works with traders on the floor of the New York Stock Exchange, Monday, Nov. 4, 2019. Stocks are opening higher on Wall Street, pushing major indexes toward more record highs. (AP Photo/Richard Drew).The left has been praying to the the Flying Spaghetti Monster begging for a recession daily since Nov 9, 2016.
And another all time high Friday...
Jobs report: U.S. economy adds 128,000 jobs in October, smashing expectations
The U.S. economy added more jobs than expected in October, handily topping estimates even as a protracted strike was anticipated to weigh on hiring growth.
The unemployment rate held near a 50-year low, and wage increases picked up slightly.
The Bureau of Labor Statistics released its latest print on the U.S. employment situation Friday at 8:30 a.m. ET. Here were the main metrics from the report, compared to consensus economist expectations compiled by Bloomberg:
Change in non-farm payrolls: +128,000 vs. +85,000 expected and 180,000 in September
Change in manufacturing payrolls: -36,000 vs. -55,000 expected and -5,000 in September
Unemployment rate: 3.6% vs. 3.6% expected and +3.5% in September
Average hourly earnings month-on-month: +0.2% vs. +0.3% expected and 0.0% in September
Average hourly earnings year-on-year: +3.0% vs. +3.0% expected and 3.0% in September
The October jobs report reflected the impact of a 40-day United Auto Workers (UAW) strike against General Motors (GM), which lasted from September 16 through October 26. This extended over the survey weeks for both the BLS establishment and household surveys, which captured the calendar and pay period week, respectively, that included the 12th day of the month.
Forty-six thousand workers were counted as part of the strike, according to the BLS strike report last Friday.
However, the strike had less of a dampening effect than expected on the BLS establishment survey, which includes metrics including the change in non-farm payrolls.
“Manufacturing employment decreased by 36,000 in October,” the BLS said in its October report. “Within manufacturing, employment in motor vehicles and parts declined by 42,000, reflecting strike activity.”
Consensus economists had anticipated, on net, a loss of 55,000 manufacturing payrolls, steepening sharply from a revised loss of 5,000 in September, as both the strike and ripple effect on GM’s suppliers was expected to cut into results.
The BLS report comes on the heels of a private report from ADP/Moody’s Wednesday, which showed private payrolls rose by 125,000 in October, or 15,000 better-than-expected. Due to differences in methodology from the BLS establishment survey, the ADP report typically does not capture the impact of striking workers.
The Labor Department’s household survey – which includes the unemployment rate and labor force participation rate – was not impacted by the strike, since this portion of the report counts striking workers as only temporarily laid off. Within this survey, results remained strong.
The unemployment rate edged up just slightly to 3.6%, or just a hair above September’s unrevised 50-year low of 3.5%. The labor force participation rate unexpectedly rose to 63.3%, reflecting the largest share of the working population employed or looking for work since 2013.
Manufacturing payrolls aside, a number of private service-providing industries saw solid job gains in October.
Of these, leisure and hospitality and added the most positions at 61,000 jobs for the month, up from September’s 45,000. The category overtook education and health services for the largest grower of private employment in October. These industries added 39,000 positions, led by health-care and social assistance job additions at 34,200.
On the other hand, federal government employment fell by 17,000 for the month, reflecting 20,000 temporary workers who had been hired for the 2020 census leaving their jobs.
In addition to October’s estimates-topping headline payrolls additions, August’s and September’s payrolls figures were also upwardly revised. Non-farm payrolls in August were upwardly revised by 51,000 to 219,000, while September’s were revised up by 44,000 to 180,000.
These revisions brought employment gains between the two months to 95,000 higher than previously reported. Job gains have now averaged 176,000 over the past 3 months.
For the year-to-date, however, job gains have slowed compared to last year. New payrolls have averaged 167,000 so far this year, compared to 255,600 in the first 10 months of 2018.
While there are real human costs and issues with your story, on a national level, do you think your link trumps my two in response for our country as a whole?
So you are in denial of Trump’s economic successes America and Americans are now enjoying?
I'll put it the same way the right put it for 8 years while Obama was in office...
"The president has nothing to do with jobs or the economy".
Oh, good.
Does this mean you'll no longer spread lies about how Obama 'saved" us?
No, you are in denial of what Crooked donnie is
Too many on the secular left are bitter, hateful, and angry that America and Americans are prospering while Trump is President.
Didn’t you just say a few posts above that Presidents have little effect on the economy?
He did.
But that doesn't jibe with him deciding that only Obama gets any credit for today's economy.
So his thinking has "evolved" on that now!
LMFAO!
👍👏😊
The economy is growing and our economy is strong enough that it will pull the rest of the world out of its economic doldrums next year.
Well, that is absolutely no comfort at all in context with all your other outrageously counterfactual pronouncements. Not worth your own up vote...
For the year:
The S&P 500 is up 586.23 points, or 23.4%.
The Dow is up 4,353.78 points, or 18.7%.
The Nasdaq is up 1,840.04 points, or 27.7%.
The Russell 2000 is up 250.30 points, or 18.6%.