Wall Street closed at all-time highs July 9, with every major index posting gains amid a record-breaking leap from tech giant Nvidia.
The Nasdaq Composite led the rally, climbing 0.9% to a record 20,611.34 points. The S&P 500 rose 0.6%, and the Dow Jones Industrial Average added 0.5%, according to Yahoo Finance. Nvidia briefly crossed the $4 trillion market cap threshold before closing just below it — a historic milestone.
Nvidia, a California-based tech company, designs the chips that power the artificial intelligence (AI) industry, according to Business Insider.
President Donald Trump celebrated the market surge on social media, crediting his tariff policies for revitalizing American industry.
“Tech Stocks, Industrial Stocks, & NASDAQ, HIT ALL-TIME, RECORD HIGHS!” he said July 10. “CRYPTO, ‘Through the Roof.’ NVIDIA IS UP 47% SINCE TRUMP TARIFFS. USA is taking Hundreds of Billions of Dollars in Tariffs. COUNTRY IS NOW ‘BACK.’”
The news comes as the administration escalates its tariff campaign.
On July 7, Trump extended a tariff deadline, giving more than a dozen countries until Aug. 1 to strike new trade deals or face “new reciprocal tariff rates designed to make the terms of our bilateral trade relationships more reciprocal over time,” according to a White House statement.
Two days later, he imposed a 50% tariff on US copper imports and an identical duty on goods from Brazil. Both will take effect Aug. 1. He also issued new tariff notices targeting countries including the Philippines, Libya, Algeria, and Iraq.
He also called on the Federal Reserve to cut interest rates by at least 3 percentage points, citing a “Gigantic Comeback” in US credit strength.
“The Fed Rate should be reflective of this,” he declared. “We should be at the top of the list!!! LOWER THE RATE!!!”
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Author: Elise DeGeeter
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