Dow Jones, S&P 500 Hit All-Time Highs Today

Thursday, September 19, 2024

The Dow Jones Industrial Average closed more than 500 points higher, up 1.3% on the day. The S&P 500, the broadest index of publicly traded companies, added 1.7% and also touched new highs. The tech-heavy Nasdaq rose more than 2.5%, and the Russell 2000 index of smaller companies added 2.1%.

Posted by tonyroma at 11:31 PM | 23 COMMENTS | permalink

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It's already playing out in the homebuying market, where mortgage applications have risen for four consecutive weeks and six of the last seven as mortgage rates fell to their lowest level in two years - about 6.2% - in anticipation of the Fed's move.

"The continued decline in mortgage rates is giving the mortgage market a much-needed boost," Bob Broeksmit, the president and CEO of the Mortgage Bankers Association, said in a statement.
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In remarks on Thursday at the Economic Club of Washington, D.C., Biden said, "Yesterday was an important day for the country."

"Two and a half years after the Federal Reserve began raising interest rates, it announced that it began lowering interest rates," Biden said. "I think it's good news for consumers, and that means the cost of buying a home, a car, and so much more would be going down. And it's good news in my view, for the overall economy."

"At its peak, as you all know, inflation was 9.1% in the United States. Today it's much closer to 2%," Biden said. "It doesn't mean our work is done. Far from it. Far from it, no one should confused why I'm here. I'm not here to take a victory lap. I'm not here to say, A job well done.' I'm not here to say We don't have a hell of a lot more work to do.' We do have more work to do."

abcnews.go.com

This is what competent, forward-looking leadership looks like, always keeping your eye on both the realities of today and the promise of tomorrow.

Joe and Kamala's stewardship of the American economy through the unprecedented upheaval of the Covid pandemic will be looked back on as masterful by those critiquing our journey in the future.

Thanks Joe. You were indeed a bridge to America's future - post Covid - while Trump remains obsessed with an America that never was and certainly won't be, as his focus is stuck on an imaginary past that isn't returning.

#1 | Posted by tonyroma at 2024-09-19 06:24 PM

Trump: If Biden is elected, 'the stock market will crash' (October 2020)
www.nbcnews.com

... Challenging financial experts' analysis, President Donald Trump claimed the stock market would crash if Joe Biden was elected president during Thursday night's final presidential debate. ...