The S&P 500 (+0.1%), DJIA (+0.1%), and NAS Comp (+0.1%) eked out incremental gains to close at record highs Monday. The Russell 2000 (-0.3%) closed in negative territory.
Before President Trump, China has intended to take over the world.
White House economic adviser Larry Kudlow proclaimed that President Trump will continue to “defend our economy,” fueling even greater economic growth.
“We are in the midst of an American worker boom where in just two and a half years, average real incomes after tax (are) up about $5,000. That’s per family,” the veteran financial guru said.
“Under the prior 2 administrations, their numbers were flat. We’re up $5,000. That’s a worker boom, and that’s because the president has defended our economy, and he’s going to continue to do so,” said Mr. Kudlow.
Mr. Kudlow explained that the economy has continued to grow under President Trump despite numerous obstacles.
“We have been very hard hit by severe, overly severe, monetary policies in 2017 and 2018 without any inflation. The Fed slamming on the brakes at exactly the wrong time? Big mistake. And I think it hurt the hard goods area. It hurt other areas but not nearly as much as hard goods,” said Mr. Kudlow, assistant to the president for economic policy and director of the White House’s National Economic Council.
“The other thing most recently — and the quarter just ended and maybe the fourth quarter too — you had the GM strike, you had the Boeing problems with their new airplane. That should straighten itself out by the 1st Quarter,” said Mr. Kudlow.
He also said there is “a virtual recession in Europe which did a lot of damage to our manufacturing exports.”
He admitted the China tariff dispute “has had an impact, but it’s a minimal impact on this country.”
He said China officials are “the ones who have had to slash prices, they’re the ones who had to the slash their currency, they’re the ones who are losing supply chains left and right.”
For his part, President Trump summoned Fed Chairman Powell to the White House Monday to discuss the economy and interest rates issues on which Trump has repeatedly attacked the Fed.
President Trump tweeted Monday that his meeting with Mr. Powell was “very good and cordial.” He added that he and the Fed Chairman discussed “interest rates, negative interest, low inflation, easing, Dollar strength and its effect on manufacturing, trade with China, EU and others, etc.”
Monday, the major US stock market indexes finished at: DJIA +31.33 at 28036.13, NAS Comp +9.11 at 8549.94, S&P 500 +1.57 at 3122.03
Volume: Trade on the NYSE came in at 829-M/shares exchanged
- NAS Comp +28.9% YTD
- S&P 500 +24.5% YTD
- DJIA +20.2% YTD
- Russell 2000 +18.1% YTD
HeffX-LTN’s overall technical analysis of the major US stock market indexes is Bullish to Very Bullish in here.