When U.S. stock markets closed on Friday, they had achieved new record highs despite a lot of naysaying media and anti-Trump sentiment.
The markets are performing so well that even mainstream national media that is consistently anti-Trump had to be inconsistent this one time. They had little choice but to report the facts: Under the Trump administration, markets have gone from almost bear market territory to record highs in a stunningly short time. Under the Trump approach to tariff negotiations. Under the strong criticism of the Federal Reserve by Trump, and their failure to lower interest rates.
Under all things Trump, the markets trumped the media and the Trump critics.
The market’s all-time highs are its first since mid-February. It was a remarkable recovery because the S&P was almost in bear market territory in early April.
The S&P gained 0.5% Friday to close at a record 6,173.07, the first new record high since February 19. Can you imagine the writers at MSNBC and other negative media having to write those words? For anti-Trump media, it was hard for them to report the facts on Friday.
The markets almost didn’t hit that record on Friday — they turned downward in the late afternoon after President Trump announced that the U.S. had ended trade talks with Canada, and a new tariff on Canada would be imposed next week.
The media appeared to be pulling against the stock markets. They did not want to admit to new highs under the Trump administration.
When the anti-Trump media is pulling against the stock markets, they are pulling against the United States. They are also pulling against their own best interest. A rising tide lifts all boats.
The Nasdaq Composite Index also hit a record high Friday, gaining 0.5%. It marked Nasdaq’s first all-time high since December. The smaller Nasdaq 100, made up of top tech stocks, had set a new record earlier last week.
An all-time record here, an all-time record there. Pretty soon, you’re talking about a Golden Age for the American Economy.
Not all market indexes have hit their all-time records yet, but they appear on the way and on the verge. The Dow-Jones Industrial Average rose 432 points Friday for a 1% gain. The Dow still has about 1,200 points, or 2.7%, to gain before it hits its all-time high.
At the close Friday, the Dow, S&P 500 and Nasdaq each posted their biggest weekly gains in six weeks.
The S&P 500 had hit its previous record on February 19, its recent low point on April 8, and then recovered all of the losses in two and a half months of Trump.
In May, the Trump administration reached “frameworks” for trade deals with the United Kingdom and China—a big boost for the markets.
Markets got yet another boost Friday after China announced it would re-open its rare earth markets to the United States— a major breakthrough following weeks of negotiations.
Watch for it. The anti-Trump media will report and emphasize every negative point about the markets and the economy. They will ignore or minimize every positive point. In the end, the proof of the pudding is in the eating. The actual story will be written by the market figures and the people.
Jim ‘Zig’ Zeigler’s beat is the colorful and positive about Alabama — her people, places, events, groups and prominent deaths. He is a former Alabama Public Service Commissioner and State Auditor. You can reach him for comments at [email protected].
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