S&P 500 and Nasdaq rise to records on first trading day of 2018

“U.S. stocks kicked off the new year on a high note on Tuesday as Wall Street bet on another strong year for equities,” Fred Imbert and Alexandra Gibbs report for CNBC. “The S&P 500 gained 0.8 percent to close at 2,695.79, notching intraday and closing records, with consumer discretionary, energy materials and tech all rising more than 1 percent.”

“The Nasdaq composite advanced 1.5 percent to 7,006.90, also hitting record highs. The index also closed above 7,000 for the first time,” Imbert and Gibbs report. “The Dow Jones industrial average rose 104.79 points to finish at 24,824.01, with Disney shares climbing 4 percent.”

“Stocks got a boost last year from strong growth in corporate earnings, solid economic data and as expectations of lower corporate taxes. Last month, President Donald Trump signed a bill that slashed the corporate tax rate in the U.S. to 21 percent from 35 percent. Several companies announced they were giving bonuses to their employees after Trump signed the bill,” Imbert and Gibbs report. “Trump tweeted on Tuesday: “Companies are giving big bonuses to their workers because of the Tax Cut Bill. Really great!””

 
Imbert and Gibbs report, “A good start to the year is usually followed by strong yearly performances, according to Ryan Detrick, senior market strategist at LPL Financial.”


 
Read more in the full article here.

MacDailyNews Take: More good news for Apple and everyone else as a rising tide lifts all boats!

SEE ALSO:
U.S. employment jumps more than expected in November, boosts U.S. stocks – December 8, 2017
Goldman Sachs sees U.S. unemployment rate hitting lowest level since the late-1960s – November 20, 2017
American consumer confidence soars to highest level since December 2000 – October 31, 2017
U.S. jobless claims plunge to lowest level since 1973 – October 19, 2017
U.S. economy picks up steam; second-quarter GDP up 3.0% reflecting robust consumer spending and strong business investment – August 30, 2017
U.S. consumer confidence shows Americans upbeat on jobs, economy – July 25, 2017

10 Comments

  1. Moral of the story:

    Don’t elect people who’ve never held a real job or, preferably, haven’t run a business if you want a healthy economy. A bunch of lifelong “students” and a “community organizer” aren’t going to get JOB ONE done.

    Oblahblah, with his idiotic policies kept dousing the American economy in unicorn tears for 8 long years.

    It could have been so much better than it was without the goofy Libs mucking up the American engine.

      1. “Stocks have risen in nine of the first ten months of the Trump Administration, a record that no other U.S. president can match.”

        Stock market has risen 5000 points in one year for the first time in history.

        I love these misleading comparisons using percentages. Under clinton I owned Johnson and johnson stock at $32 a share, using a return of 17% I increased the stock price in one year of 5.44.

        Now I still own J&J stock as of 1/1/17 the price was $115 a share. SO far this year it has returned 20%, but that’s unfair, because it crushes returns from CLinton and obama. Let’s say it only returned 10% under Trump. That’s means, for you that have trouble with math and understanding percentages, I increased my stock value by $11.50.

        SO, this is an example when 10% increase is more then a 17% increase. By about double.

        Facts are a stubborn thing, when you don’t understand them and drink the liberal kool aid.

        While only using percentages makes a nice talking point, but you’re talking about record highs never seen before and gains in one year never seen before.

        Not that the stock market is a good economic indicator, but it seems liberals like to use it when they are up under a Dem president and then disregard them when it’s a Rep. president. All the time not understanding what the hell they and their minions are talking about.

        1. If you want to compare Apples to Apples, then compare Obama’s first year to Trump’s first year.

          You can’t honestly compare 8 years against one. And moreover you should not assume any federal actions of 2017 have had any structural effect on the market either. Oh sure speculators will froth the market with the news cycles, but given that Mr. Trump’s one and only major bill signing took place in the waning hours of 2017, it’s disingenuous to give him credit for what is obviously market momentum. No underlying economic trends have changed at all since 2009. Of course, some here are foolish enough to attack anyone who doesn’t worship their party figurehead. To these regular propagandists, facts are irrelevant, they proudly dismiss data whenever it displeases their selfish narratives. Sadly some are so blind to facts and steeped in biased propaganda that they even twist history 180 degrees, such as those who blame the great depression on FDR, or give JFK credit for inheriting the fruits of Ike’s outstanding fiscal discipline. So perhaps a reasonable and objective non-partisan discussion about the economy is better held elsewhere. This so-called Mac news site is once again veering off into the weeds of partisan argumentation.

  2. It’ll take about another year for dir hards to quit the anti-Trump propaganda. I’d much rather have dinner conversation with Obama, but I voted for who I thought had the best experience to fix the economy and stand strong and firm despite the media and protest groups. So far, I’ve been right. We’re not voting for the best personality.

    1. There are minimal ethics standards to which some of us will accept. Trump and , as Bannon admits, ” treasonous and unpatriotic ” Kush boy are both unacceptable and will cause more long term damage to the USA as long as they remain in the White House. I care much more about maintaining a republic for the citizens than I do the stock market games played by the rich for their own personal benefit.

      If you think Trump is honest and doing what is best for the long term prosperity of all citizens, then kindly share Trump’s tax returns like he promised he would.

  3. 1 year report card, Obama versus Trump:

    Approval rating (higher is better):
    O: 51%
    T: 37%

    Federal investigations (lower is better):
    O: zero
    T: 5 not counting state litigation against the Trump administration

    Total number of legislative bills signed:
    O: 89
    T: 81

    Total number of executive orders signed (a major complaint aired in every Trump rally):
    O: 39
    T: 52

    Staff turnover (typically a sign of competent management, lower is better):
    O: first chief of staff served 620 days
    T: Revolving door spins to fast to count the sackings and Twitter stabbings

    Actual change in employment % (larger is typically better):
    O: +9.3%
    T: +4.1%

    Change in inflation (the Fed attempts to hold it at 2%; lower is better for consumers and borrowers):
    O: -1.3%
    T: +1.7%

    GDP growth (stability preferred over long term, short term thinkers want to maximize it):
    O: +3.5%
    T: +3.0%

    These are real objective statistics that cannot be denied and you won’t hear these plain obvious black and white numbers from all of the pro Trump propagandists who have chosen to turn MDN ito a political mud slinging match. It’s way too early to tell what trends Trump will inherit but these indicators don’t show any reason that the alt right Trump cheerleaders here should even consider having their gloatfest. Also, let’s not forget that Obama endured 7 years of an obstructionist legislature that publicly declared their foremost goal was to make Obama a one term president. Failing at that, the incompetent and lowest rated congress in history then spent the second term ensuring nothing whatsoever got done in DC. So now Trump has all the partisan support one could ever dream of having and everyone hates him. Congressmen of his own party avoid him. Righties like the Kochs and even his former staffers openly call Trump a dumbass. His former security chief/strategist/media bulldog Bannon calls him treasonous. But it would seem that the nationalists on this site don’t care about democracy or government efficiency or debt or natioal health or any of a gazillion other objetive measures of the people’s well being. As long as short term stock prices bubble up and the Twit in chief dominates the news cycle, the partisan people on MDN will continue their data free propagandist bullshit. As a fiscal conservative and prudent investor, i care about the real numbers and long term responsible leadership. Following a massive wealth transfer to corporations, Obama accomplished nothing with an obstructionist congress. Trump just gave another huge wealth transfer to corporations, let’s see what happens from here. Basically America is just watching as oligarchs take over in a couple generations what was a pretty good republic.

    Source:
    https://www.channel4.com/news/factcheck/trump-vs-obama-in-numbers

    Goeb, botty, firstwhatever: try posting the source of your data when you sling your mud.

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