S&P 500 closed lower on trade concerns, but finished the month in the Green.
Thursday, President Trump hammered the Fed and Chairman Powell in a Tweet, that despite interest rates dropping by another Quarter point.
In a 2-part Tweet, President Trump argued that the Fed has placed the United States at a “competitive disadvantage.”
“People are VERY disappointed in Jay Powell and the Federal Reserve. The Fed has called it wrong from the beginning, too fast, too slow. They even tightened in the beginning. Others are running circles around them and laughing all the way to the bank. Dollar & Rates are hurting…” President Trump wrote.
He added, “….our manufacturers. We should have lower interest rates than Germany, Japan and all others. We are now, by far, the biggest and strongest Country, but the Fed puts us at a competitive disadvantage. China is not our problem, the Federal Reserve is! We will win anyway.“
It was reported this week that manufacturing in the US accounts for just 11% of the nation’s GDP, the smallest slice since Y 1947.
Thursday, the major US stock market indexes tested and bounced, finishing at: DJIA -140.46 at 27046.27, NAS Comp -11.62 at 8292.36, S&P 500 -9.21 at 3037.56
Volume: Trade on the NYSE came in at heavy at 1.2-B/shares exchanged.
- NAS Comp +25.0% YTD
- S&P 500 +21.2% YTD
- DJIA +15.9% YTD
- Russell 2000 +15.9% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish across the board with all Key indicators flashing Very Bullish for the month ended 31 October 2019.
Investors will receive the Employment Situation Report for October, the ISM Manufacturing Index for October, the Construction Spending report for September, and auto and truck sales throughout the day Friday.