Stocks soar to record high under Trump

Outlets are reporting that U.S. stocks reached a new all-time high on Friday. 

This, according to Breitbart News, would seem to suggest that investors are happy with the direction of the country’s economy under President Donald Trump.

The president celebrated the good news on social media with a message in which he posted a graphic showing that the “S&P 500, Nasdaq hit record highs under Trump. Take a look:

Here are the numbers:

Just the News details how the S&P 500 “closed at a record high on Friday.”

The outlet writes:

The S&P 500 closed at a record high on Friday, despite President Donald Trump announcing the termination of trade negotiations with Canada. The index closed out the week at 6,173.07, up 0.52% from the day prior. The close completed the index’s rebound from an early April dip due to Trump’s announcement of “Liberation Day” tariffs.

The outlet goes on to also explain how “The Nasdaq also closed up 0.52% at 20,273.46, while the Dow Jones surged 1.00% to 43,819.27.”

Breitbart notes that “Markets briefly dipped midday after Trump announced an end to trade talks with Canada but recovered quickly to finish the day firmly in positive territory.”

The numbers were so high, however, that it did not matter. Records were still set.

Background

Breitbart goes on to explain what exactly might have led to this surge in the stock market.

It writes:

The rally comes as new data showed inflation remains moderate even after the imposition of widespread tariffs. The core personal consumption expenditures index, the Federal Reserve’s preferred measure of underlying inflation, rose 0.2 percent in May. On a 12-month basis, core prices were up 2.7 percent, while the headline rate ticked up to 2.3 percent. Consumer inflation expectations also declined notably.

Indeed, Trump’s tariffs have been a sticking point for many, but critics seem to be coming around. Even Torsten Slok, the chief economist at investment giant Apollo Global Management who was vehemently against the tariffs, recently had to admit that Trump may have “outsmarted all of us.”

One of the only things missing here is the cutting of the interest rates. The Fed, much to the dismay of Trump, has refused to do so, despite the good indicators. Jerome Powell recently seemed to suggest that he still will not be cutting the rates in July.

Trump has made it clear that he believes that Powell is playing politics here. The president has fiercely criticized Powell, and has just recently called for his resignation.

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