S&P 500, Nasdaq hit new all-time highs

The S&P 500 and the Nasdaq hit all-time highs on Wednesday on confidence in the U.S. economy and hopes that China would take more measures to prop up its economy eased worries about the impact of the coronavirus outbreak.

Reuters:

S&P 500 Nasdaq all-time highThe number of new coronavirus cases also dropped for the second straight day in China, although global health officials cautioned it was too early to predict how the outbreak will play out.

Recent stimulus from China, confidence in the U.S. economy and hopes that the damage from the outbreak will be short-lived have fueled a recent run in U.S. stocks.

Technology stocks, which are sensitive to news related to China’s growth, gained 1.2% – the most among major S&P sectors. Defensive real estate and utilities were in the red.

Apple Inc rose 1.7%, recouping most of the ground lost in the previous session on a surprise sales warning that highlighted concerns about global supply chains.

MacDailyNews Take: Looks like our best hope for a discount sale on AAPL ahead of the multi-year 5G iPhone super cycle isn’t panning out so far. Not with the S&P 500 and Nasdaq hitting new all-time highs and Apple within $3 of its all-time high, too. Not that Apple shareholders are complaining!

25 Comments

    1. Obamanation: I did that.
      Trump: No, you didn’t build that. I reversed all of your economic policies. That’s why the economy is booming.
      Libturds: I am gullible, I believe the Obamanation and the Communist News Network

      1. Please list the Obama policies that the President has reversed that have had a significant effect on the economy aside from continuing trends established before the 2016 election.

        Newton’s First Law: a body in motion remains in motion unless acted upon by an outside force. Similarly, economic trends tend to continue until something else happens.

        There is no question that most (not all) of the economic stats are a high points, but that follows from the fact that going up from a previous high creates a new high. The trends expressed as a rate of change are not at new highs compared to the rate of change under prior administrations.

          1. When addressing foreseeable risks to US prosperity, this is one of the main observations for 2020:

            “If the U.S. election descends into partisan rancor, chaos, disputed vote tallies, and accusations of “rigged” elections, so much the better for America’s rivals. A breakdown of the U.S. political system would weaken American power abroad.” – Nouriel Roubini (NYU Stern Economics)

            It would appear, dd, that you love nothing more than to play into the hands of those trying (and succeeding) to break America into a bunch of inter-warring tribes. How much are your handlers paying you to be such a troll?

            Anyone with a brain can look at the economic & market data and see that, while volatility keeps increasing, the basic trend of the US is relatively consistent. Mathematically, an economy steadily growing at 0.000002% will hit stock market records with about the same frequency as an economy growing at 2% — because BOTH are growing, and every step up is a new record. The difference is in the size of the step. What Trumpies fail to mention is why their working man president has done everything possible to reward the corporations that chose to ship jobs overseas, including Apple. Those entities got the stimulus. Not working class. The real economy is growing as slow as ever, it’s just the cream is skimmed off more than ever by the top 1%, a balloon fueled by unsustainable debt.

            But by all means, keep crowing about how great the 2017 trickle down fat cat bubble is.

            1. “It would appear, dd, that you love nothing more than to play into the hands of those trying (and succeeding) to break America into a bunch of inter-warring tribes.”

              You just described yourself to a T and too stupid to realize it.

              The Democrat Party is broken down into a bunch of AGREEABLE TRIBES.

              Let’s start with Women, Blacks, Gays, Unions, Teachers, Hispanics and the rest of “tribes” Democrats PANDER to. Get a grip.

              “Trickle down?” 🤣🤣🤣🤣🤣

              No, FLOOD down…

            2. @ Goeb:

              you misstated, “You just described yourself to a T and too stupid to realize it.
              The Democrat Party is broken down into a bunch …”

              You see, my friend, your logic is broken. I rail against your corrosive cult and YOU immediately choose to label me as a Democrat. I am not, and have never been, a Democrat. I am an independent. So your label-and skewer attempt at an argument breaks down before it even gets out of the starting blocks.

              Back to the subject at hand: Too bad you can’t actually show economic data of any kind that proves, on average, that the total economy is improved by Trumpian policies over any prior administration by any party. Trump has merely pushed the profits to the well-endowed, while the working class in the current “gig economy” rely on multiple low-benefit jobs. Be sure to take ownership of the bubble burst when it happens, because your dear economic leader thinks that more stimulus and rock bottom Fed rates combined with record deficit spending are always good, ’cause his friends see bigger numbers on their stock charts. He says so every few days on twitter.

            3. Goeb got skewered! the drumph bubble finally burst and goeby thinks it’s a political game. actually it’s not a game. it’s a tragedy that the USA has such an incompetent POS for a prez!!!!

          2. You’ll have to excuse them. They aren’t Fox/Breitbart/RedneckToday patsy folks like you listening all day to the Racist Confederate News Networks while humming the Dueling Banjos music from the movie Deliverance.

            There is this basic tenet – Our government and our president do not “run the economy.” That has wisely been left in large part to free people cooperating in a free and open market. No president gets credit for much anything. Trump’s did lower corporate rates and remove some regulations for business but at what ultimate cost if they were environmental regulations?

        1. “Please list the Obama policies that the President has reversed that have had a significant effect on the economy aside from continuing trends established before the 2016 election.”

          You don’t know? Some Republican you are, however that would be FAKE Republican.

          “continuing trends”

          NO, establishing new trends. President Trump’s four-prong approach to the economy has unleashed the beast setting several ALL TIME RECORDS.

          I’m not going to spell it out for readers, it’s all online, do your own homework. If they don’t already know and that includes YOU, pity…

          1. You have a sickness, son. Talk about “gullible.”

            You respond to an article specifically about gains to the S&P 500 Stock Index by insisting that “President Trump’s four-prong approach to the economy has unleashed the beast setting several ALL TIME RECORDS.”

            In his first three years in office, the S&P 500 rose by 42.1%, which is certainly a lot better than the 25.6% for Ronald Reagan, the 0.3% for Richard Nixon, or the -17.2% negative “growth” under George W. Bush.

            However, it is not exactly an ALL TIME RECORD. It is almost identical to the 42.1% under President Clinton and well behind the 45.5% for George H.W. Bush.

            The first three years of the “Obamanation” regime whose policies Mr. Trump has reversed saw the S&P 500 rise by 56.2%.

            Nuff said. Meh. Whatever.

            1. “You respond to an article specifically about gains to the S&P 500 Stock Index by insisting that “President Trump’s four-prong approach to the economy has unleashed the beast setting several ALL TIME RECORDS.”

              NO! I did NOT respond to an article. I responded to your CLUELESS POST…

              Get a grip…

          2. Simple question, Goeb has no answer. Goeb attacks questioner. Typical.

            Here’s the answer: Trump (McConnell and friends, actually) rewarded multinationals with slashed nominal corporate tax rates — and some, not all, of them benefitted. Most corporations never once paid nominal tax rates for anything because they already have gerrymandered their way to loopholes and kickbacks, and any multinational can freely route money to tax havens at will. about 6% of federal income comes from corporate taxes, which is dramatically less than the costs for infrastructure and resources these companies use.

            With still more money to play with, these multinational corporations spent it all opening shiny new plants in America, which is now where all your Apple products for US markets are assembled. Ha! What a joke, that never happened. Apple instead bought AAPL, goosing the market higher and of course attracting additional investors chasing trends. Same for all the big corporations. So now the bubble has been inflated, as predicted.

            What are you going to do now, Goeb? Credit Trump for twitter-chastising CEOs for all now cashing in their stock options and buying mega-estates in California? Or like a sensible person, urge for a slashing of tax loopholes and corporate welfare, and dramatically penalize companies for sitting on cash. Cash is better used circulating on Main Street than it is on Grand Cayman. Not that your orange hero cares. He wants it to end up in his pool at Maralago.

    2. I am expecting Trump to claim all of the credit for this at any minute (again). To be fair, Trump and the GOP Congress did pass a large tax cut stimulus bill which has slightly increased U.S. economic growth and significantly increased corporate profits and the after tax income of the wealthy. But the growth in the U.S. economy has been slowish, but pretty steady for about a decade and Trump has not made much of a difference in the economic trends. Look it up…that is the truth. Where the tax cut did make a difference is in the stock market – stock prices have been inflated by increasing corporate profits at the expense of borrowing more and more money to cover the operations of the Federal Government. The long term consequences of the tax cut will be severe – eventually default on the national debt with crushing worldwide economic collapse.

      The diversion of more wealth to the wealthy occurred at the cost of more than doubling the annual deficit to well over $1T in just two years. Not only is the tax cut not going to “pay for itself,” but the vast majority of U.S. citizens are not materially benefiting from the tax cut. Job creation has remained fairly steady from Obama to Trump, and most of the jobs are service sector – not jobs that can raise the standard of living for a family. Trump has not delivered on the manufacturing jobs. Trump has not even delivered on protecting existing manufacturing and mining jobs. Again, look it up. It is the truth. The huge tax cut has not benefitted most Americans in a material way. But it will lead to huge negative impacts down the road.

      Imagine how much the interest on the U.S. national debt is going to grow when long term interest rates eventually climb to 4%, 5%, or above. That is the stupidity of the GOP tax cut and spend strategy. Somehow, deficits no longer matter, even though the math has not changed. Fiscal responsibility my posterior.

      Do not think that I lambast the fiscal irresponsibility of the GOP while turning a blind eye to the tax and spend policies of the Democrats. The recent tax cut was passed by the GOP and Trump, and they have to take responsibility for that mess. The Democrats have also played a major role in the growth of the national debt. But keep in mind that the deficit was below $600B and shrinking when Trump took control. Now it is over $1T and growing in a peacetime economy. That is truly scary.

    3. Fsck off. Had you listened to anything Obama said, you would quickly discover that he used the word “we” a lot. Overwhelmingly he intended it to include everyone, but partisan asswipes like you and your shadow dd always narrated an us vs them scenario. Stocks set dozens of record highs and every time you declared it was despite Obama.

      So with your guy fixing everything, has the rate of growth improved? Have stocks hit records at a faster pace? No, and no. The data shows it. Now as we continue to travel the same economic trend as the prior admin, you flip the narrative. Now a ~2% growth economy that shoves stimulus at rich corporations is GOOD. We’re all supposed to be impressed with stock bubbles as if that represented the full economy. The rich keep hoarding and the poor pick up multiple jobs.

      Your team was supposed to unleash the full power of the economy and deliver 6% GDP or whatever. Just another campaign lie from Donny. Why are you attempting to tie sticks to presidency anyway??????????

        1. Your data is weak, Towertone. You cite ONE speech, and think it represents the entire story.

          How about getting more data?

          https://theconversation.com/trump-and-obama-have-one-surprising-thing-in-common-the-words-they-use-81309

          Voila, Trump wins the self-reference race easily, both as a campaigner and as a president.

          But you didn’t want to look at the whole picture, did you, ToneDeaf? You were too interested in cherry picking the first article that scored partisan points.

          It doesn’t matter either way to me. Both presidents were underwhelming. i care more about WHAT is said, and how FACTUAL it is. On those simple measures, Trump is even worse than Tricky Dick.

          And then there is the body language. Do you actually respect it when a little orange index finger is wagged in your face? Why? The GOP has better candidates than this. It’s amazing how both parties are scraping the bottom of the barrel.

      1. Dementia setting in on you Geob? Reagan never presided over any “on fire economy”. He presided over 2 recessions. Some might say it the first minor one in 1981 was a mulligan, but it was a negative year. 1983 was a full blown disaster. Senile Reagan jacked up the deficit, expended precious resources on military foreign adventures, and the working class is still waiting for the trickle down. When Reagan’s mind was in true decline, 1985, the GDP had a stellar year. Once. Then it was right back down to the ~50 year average of about 3% GDP growth depending on region and timescale you’re focused on. As corporations moved jobs steadily to Asia, the growth rate has fallen, and the “savings” of job exports all sponged up by the billionaire class. So there’s no point comparing Mother Reagan, who squandered US industrial might, with later administrations who arrived to find the rust belt now extends coast to coast, with thousands of company towns dying inbetween. It’s good for stock prices, if you could just manage to give corporate leaders more tax breaks. That’s what Reagan told you. Open your eyes and see the results for yourself, man.

    4. your orange hero has nothing to brag about. he inherited a solid economy and blew it up. now dumbo donny is tweeting his grievances rather than working to solve problems.

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