Wall Street Trifecta: S&P, Dow, Nasdaq Reach Record Highs
Monday, November 4, was a big day for US stocks — the Dow, S&P 500, and Nasdaq all hit record highs.
The three major stock indexes finished the day with their highest levels on record. Investor sentiment was lifted by a potential US-China trade deal, strong earnings, and generally positive economic data.
The Dow closed at 27,462, up 0.4% (115 points) - surpassing the previous record, which was set on July 15. S&P closed up 0.4% at 3,078, and the Nasdaq Composite climbed 0.6% to close at 8,433.
The best-performing Dow stock was Apple, which rallied more than 25%. J.P. Morgan Chase, Intel, and United Technologies also rose by 10% or more.
For the Dow, the latest increase boosts year-to-date gains to nearly 18%. That’s impressive, but the dow climbed 28.2% in 2017, so it’s not a record. S&P is up by 22% for the year, and Nasdaq is up by 27%.
President Donald Trump was quick to make a comment in his usual manner — through a tweet: “Stock Market hits RECORD HIGH. Spend your money well!”
The president has said that US-China trade talks are going well and that both sides have come to a “very substantial phase one” trade agreement. The agreement, which is to be signed in late November, could resolve the increasingly complicated conflict and end the trade war after more than a year.
Albert Einstein is said to have identified compound interest as mankind’s greatest invention. That story’s probably apocryphal, but it conveys a deep truth about the power of fiscal policy to change the world along with our daily lives. Civilization became possible only when Sumerians of the Bronze Age invented money. Today, economic issues influence every aspect of daily life. My job at Fortunly is an opportunity to analyze government policies and banking practices, sharing the results of my research in articles that can help you make better, smarter decisions for yourself and your family.
