Mark DeCambre for MarketWatch:
U.S. stock benchmarks have mostly enjoyed a healthy run-up on the back of the Federal Reserve’s easier monetary-policy stance and hope for a China-U.S. trade pact.
Recent gains have helped the Dow Jones Industrial Average to ring up its best June gain of 7.2% since 1938 when the blue-chip benchmark surged an eye-popping 24.3% on the month, according to Dow Jones Market Data.
The S&P 500 index notched its best June return, with a gain of about 6.9%, since 1955 when the broad-market benchmark rose 8.2%, while the Nasdaq Composite Index was on track for a 6.9% return in June, which would represent its best June since a 16.6% gain back in 2000.
MacDailyNews Take: 81 years. You know what they say: a rising tide lifts all boats. Hopefully a U.S.-China trade pact is coming sooner than later!
I know what they say: a rising tide in Trumpworld lifts all yachts.
Spot on. Drumph takes care of his own while feeding a steady stream of lies to the working class he claims to represent.
According to the Associated Press, the current economic trend, now over a decade of growth starting in 2009 and continuing without any significant boost in the last presidential changeover, has clear winners and losers.
Jobs: no doubt about it, the economy is at full employment. That being said, retirements are accelerating. Actual growth of workers entering the workforce has reason only about 0.5% per year on average. This is too complex an issue to address on an uneditable short form forum like MDN, but clearly despite the wave of baby boomers retiring from solid old school jobs with benefits, jobs growth today is LESS than population growth, and many of those jobs are “gig economy” jobs with no benefits or retirement plans. Sorry, you’re on your own kids.
The economic gap between worker and gazillionaire has expanded. Under Trump, several trends are alarming: as a percentage, fewer middle class Americans own their own homes (is “the American Dream” of home ownership not part of Trump’s self-promoted but never defined Greatness???). Home ownership percentages fell over 10% versus 15 years ago. As we know the housing market is one of great complexity, but suffice it to say that middle America homes didn’t appreciate in value like the tech-heavy coastal cities did. Many of the 8 million families who lost their homes in 2007-2008 are now lifelong renters.
While Trump used to brag about the Dow or the S&P, perhaps someone clued him into the fact that the percentage of Americans with stock accounts has declined. Yes, that includes people with retirement accounts: only 50% of Americans own any stock, down from 56% in 2007. So a huge part of his political base isn’t seeing healthy wage increases, nor housing appreciation, nor retirement accounts, and doesn’t have spare cash to gamble on Wall Street. Isn’t that what Trump promised over and over?
According to the Federal Reserve, over the last decade, the richest 1% of households took over 1/3 of all stock market gains ($16.2 trillion) while the middle and lower classes achieved returns closer to the inflation rate. Trump ran his campaign with all kinds of criticism for the slow return that working class families saw, but Trump has done everything possible to ensure that the rich take more of the pie home!
To be fair, the trend started with Reagan and has continued under both corrupt political parties. It takes a specially retarded president, however, to give a medal to an economist whose trickle down policies have never worked. Proof:
Ahhh, the hateful leftist useful idiots get it wrong all the time. Gee, what a surprise… 🤣🤣🤣🤣🤣
So you are too busy trying out all the exciting new emojis to bring any evidence of your own to the table? Got it. We know you’re a parrot, long on partisanship, short on facts.
Here are some inconvenient facts for you: “The trade deficit surged 8.4% to $55.5 billion. Data for April was revised higher to show the trade gap widening to $51.2 billion instead of the previously reported $50.8 billion.”
https://www.reuters.com/article/us-usa-economy/u-s-trade-services-industry-data-point-to-slowing-economy-idUSKCN1TY1UJ
US trade deficit — which wasn’t a big deal when normal republicans were in office, but now is a major talking point for Trump — has jumped as US businesses attempt to stock up on Chinese products ahead of the threatened tariffs (which US businesses and consumers pay, despite Trump’s continued confusion on the subject).
“The wider trade deficit reported by the Commerce Department on Wednesday added to weak housing, manufacturing, business investment and moderate consumer spending in suggesting that economic growth slowed in the second quarter. The labor market also appears to be losing momentum, with private employers adding far fewer-than-expected jobs to their payrolls in June. ”
“News on the vast services sector was also downbeat. ”
“The ADP National Employment Report on Wednesday showed private payrolls increased by 102,000 jobs in June, accelerating from 41,000 in May. The increase was well below economists’ expectations for a payrolls gain of 140,000.” This proves that for US manufacturing to grow, it needs more qualified workers. Alas, Trump wants to wall off new workers and has slashed federal retraining programs. The good news, if there is one, is that previously marginalized people are now being considered for jobs.
The sugar high from the 2017 corporate tax handout went to stock buybacks, enriching those who hold most of the stock (corporate executives and Wall Street insiders). Now the high has worn off, as everyone outside of Trumpland predicted, and the US is saddled with the fastest growing debt since WW2, a full employment economy unable to grow because of bad federal policies preventing investment in infrastructure, fair trade of goods, or migration of workers. To top it all off, in a complete reversal from Candidate Trump, the current POTUS has chosen to pick fights in the Middle East without any obvious strategic plan, while publicly supporting dictators all around the globe and verbally attacking America’s allies and historically strongest partners.
Sorry, but you’re going to have to explain a lot better how this president is doing anything other than setting up the US for another major recession — just like G.W. Bush, just like Reagan, just like Ford, … Why exactly is it that the last decade of economic expansion was characterized as a malaise, whereas the current economic malaise with lower rates of growth and even greater debt loads as the previous administration are in your mind signs of a successful presidency? Please bring forth your evidence to show how anything Trump ever does is sustainable and good in the long term for ALL Americans, not just the billionaire class.
We’ll wait for your evidence, Goeb.
“adding far fewer-than-expected jobs to their payrolls in June. ”
Your whole post relies on the same twisted logic from the liberal media, no surprise from the 24/7 Trump Derangement Syndrome sycophants.
So now all of a sudden you woke up and are so righteously concerned about the deficit and tariffs. I don’t recall you posting your objections to Obama DOUBLING the deficit in eight short years or totally hands off with escalating tariffs. The situation is not good, but at the very least President Trump is working in it and not golfing.
Guys like you that cherry pick ONLY the bad to support your partisan HATRED, same as the liberal media is sad. 100% of your post is bad news at a time the economy is roaring and many record numbers of good news exists.
I could easily point out all the great news and records under the economic recovery by President Trump and your denial and pissing all over it would not appreciate the facts.
Not going to waste my time, Mike…
“Recent gains have helped the Dow Jones Industrial Average to ring up its best June gain of 7.2% since 1938 when the blue-chip benchmark surged an eye-popping 24.3% on the month, according to Dow Jones Market Data.”
MAGA! …
America has been pretty great since the DJIA began its recovery in 2008 from the Great Recession.
https://www.macrotrends.net/1358/dow-jones-industrial-average-last-10-years
No, accuracy is limping along under Democrats. “Pretty good” is an excuse and we all know you would rather have your eyes poked out than give a scintilla of credit to our great president.
KAG!!! 🇺🇸
You do realize that the debt bubble Trump built will have to be repaid by taxpayers with interest, right Goeb? The stick market is buoyed by corporations taking their tax giveaway and buying their own stock. It does nothing for the workers Trump claims to help.
The real economy is not the stock market. Housing, manufacturing, wages are all weak. Small businesses continue to close, farmers are seeking welfare.
Well Trump thinks as long as Wall Street backs him and his brainwashed base can’t see that their economic future is bleak, that is just peachy. Speaking of peaches, Donald likes big silicon peaches.
If you take away the economic power of the richest 1000 individuals, the economic power of the U.S. looks poor and declining. Trump just destroyed future prospects by underinvestment in infrastructure, education, diplomacy, fair trade with reliable partners, and worker retraining. Instead the elite few buy backgrounds their own stock, outsourcing more stuff overseas, inflating stock, and Goeb cheers.
The great goeb of snot doesn’t care as long as it can squawk maga and keep its lips on trumps rear end.
“You do realize that the debt bubble Trump built will have to be repaid by taxpayers with interest, right Goeb?”
“You do realize” that you have turned a partisan BLIND EYE to the Obama administration that doubled the debt, more than 43 presidents COMBINED going back to George Washington.
Ahhh, so where was your SELECTIVE outrage and concern under Obama?
Crickets : : : : :
Just another DISHONEST BLIND PARTISAN that sleeps at night without a conscience. Selective outrage, GRANDE!…
I misspoke and forgot the new re-elect Trump 2020 slogan, “KEEP AMERICA GREAT.!”… 👍🏻🇺🇸🤣
So Apple’s at 255?