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In an interview with Fox News Channel’s “Sunday Morning Futures,” Trump said his administration will notify countries that the trade penalties will take effect unless there are deals with the United States. Letters will start going out “pretty soon” before the approaching deadline, he said. President Trump appeared to get closer to naming his replacement for Federal Reserve Chair Jerome Powell.
NEW YORK (AP) — The U.S. stock market added to its record as Wall Street closed out a second straight winning month. The S&P 500 rose 0.5% Monday in its first trading after completing a stunning rebound from its springtime sell-off of roughly 20%. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite gained 0.5%.
Record Highs Set in 2015
Economists expect Thursday’s data to show another slowdown in overall hiring, down to 115,000 jobs in June from 139,000 in May. Thursday’s official government data knocked down that notion. Meanwhile, the average duration of unemployment rose and the share of unemployed workers who have been out of a job for 27 weeks or longer edged closer to a three-year high. The strong headline numbers provided relief for investors who were nervous about a potential slowdown in the economy as the president’s tariffs portend to impact business activity. Uncertainty had been hanging over the markets because of the unprecedented refusal of the outgoing president, Donald Trump, to concede the election to President-elect Biden. When Trump began the transition process late in November, 2020, stocks roared back.
1991 Recession
The CME FedWatch Tool shows investors still expect the Federal Reserve to cut interest rates twice by the end of the year. “A few Fed speakers have shown their inclination to cutting interest rates as early as this month. The Dow hit one milestone and had 26 closing records in 2016. Of the 26 records set that year, 17 occurred after the presidential election. The index’s 2016 closing high was 19,974.62, set on Dec. 20, 2016.
Recession
- The Dow Jones Industrial Average, also known as the Dow or DJIA, tracks 30 large, well-known companies that trade on the New York Stock Exchange and Nasdaq.
- In 2019, the Dow hit two milestones and set 22 record closes.
- The Dow gained 3,472.56 points during 2013, higher than any prior year on record.
- The job market has remained relatively steady recently, even in the face of tariffs, but hiring has slowed.
- The Dow posted its all-time high during in December 2024, peaking at over 45,000 points.
Perhaps the most infamous trough was during the Great Depression, in which the Dow lost about 90% of its value over three years. It hit a low of 41.22 in 1932 (about 908 points, inflation-adjusted).
Record Highs Set in 2018
Traders were confident in a business-friendly Republican president. The index closed above 23,000 on Oct. 18, 2017; slightly more than a month later, it broke 24,000. The Dow had two streaks lasting more than 10 days, which had not occurred since 1959. This high occurred only 42 trading sessions after closing above 19,000.
- It beat its January high, rising to 9,093.24 by the close of the day.
- Some Fed officials in recent weeks had signaled an openness to cutting rates in July.
- Treasury yields jumped higher as investors dialed back expectations for future rate cuts from the Federal Reserve.
- The selection is not based on strict quantitative criteria but rather on the decisions of the editors of the Wall Street Journal.
The Recession of 2008–2009
After a shortened trading day in advance of Friday’s July Fourth holiday, the Dow closed higher by 344 points, or 0.77%. The broader S&P 500 rose 0.83% and the tech-heavy Nasdaq Composite gained 1.02%. The Dow posted its all-time high during in December 2024, peaking at over 45,000 points.
At the same time, the strength in the U.S. labor market meant extremely competitive wages driving consumer demand. Both of those factors sent inflation in the U.S. soaring to record levels not seen in over 40 years. As a result, the Federal Reserve (Fed) began raising interest rates in March 2022 to slow the economy down and arrest the pace of price rise.While inflation persisted, Fed’s aggressive rate hikes stoked fears of a recession. In the bond market, Treasury yields eased a bit ahead of major economic reports later in the week.
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The easiest way to invest in the Dow may be to buy shares in State Street Global Advisors’ SPDR Dow Jones Industrial Average ETF Trust, which trades under the ticker symbol DIA. The downturn reflected a 10-month recession, from July 1953 to May 1954, during the military demobilization following the Korean War. The Dow fell 17% in three months, from 2,864.60 on Aug. 2 to 2,365.10 on Oct. 11, 1990. Kimberly Amadeo has 20 years of experience in economic analysis and business strategy. All three major U.S. averages closed out the week in positive territory. The S&P 500 and Nasdaq Composite were up 1.7% and 1.6% week to date, respectively, while the Dow posted a 2.3% gain for the period.
Oracle helped lead the way after saying it’s off to a strong start in its fiscal year. Banks were also solid in their first trading after the Federal Reserve said they’re financially strong enough to survive a downturn in the economy. The Dow started 2022 with a flourish, breaking closing records in the first two trading days of the year.
The Dow suffered a market correction between August 2015 and April 19, 2016, leading to a 2016 downturn. It began on Jan. 4, when the Dow closed 160 points lower as investors worried about a slowdown in China’s economic growth. The index had three nine-day runs, last occurring in 1955 (when there were four nine-day stretches). The Dow continuously moved higher eight months in a row (the last occurrence of this was in 1995). Such data has kept the Federal Reserve on hold this year when it comes to interest rates.
While the market trading at all-time high levels leaves it open to downside, especially if Trump chooses to be “really tough” in negotiations, Ellerbroek believes the market is ultimately taking a more optimistic view. The U.S. stock market added to its record as Wall Street closed out a second straight winning month. On that day, it closed at 7,286.27, a 37.8% decline from its peak. No one knew if a new bull market had begun until the Dow hit a higher low on March 11, 2003, closing at 7,524.06. The index closed above 18,000 on Dec. 23, and then closed its high for the year at 18,053.71 on Dec. 26. The chart below shows four of those closing records, as they increase by the thousand.
The records set in the fall were the first ones since the Dow reached 26,616.71 on Jan. fx trader magazine 26, 2018. After hitting the Jan. 26 peak, the Dow went into free fall, dropping 4% the next week. On Feb. 8, it entered a market correction when it fell 1,032.89 points to 23,860.46. But the historic peak was delayed by strong economic news, an upturn in March inflation data and statements from Fed officials suggesting interest-rate cuts wouldn’t be coming soon.
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