Dow hits all-time high, closing above 37,000 for first time

[CharlieH]

 

The Dow Jones Industrial Average hit an all-time high Wednesday, surpassing 37,000 for the first time, after the Federal Reserve opted to hold interest rates steady once again and signaled the possibility of rate cuts next year.

The Dow closed at 37,090, up 1.4 percent, as the central bank indicated that its nearly two-year campaign of rate hikes may be coming to an end.

 

The Fed kept its baseline interest rate at a range of 5.25 to 5.5 percent for a third consecutive meeting Wednesday, as inflation has continued to show steady improvement since hitting a 40-year high last summer.

“Inflation has eased from its highs, and this has come without a significant increase in unemployment,” Fed Chair Jerome Powell said at a press conference following the central bank’s announcement. “That’s very good news. But inflation is still too high.”

Powell and Fed officials are hoping to bring inflation back down to 2 percent. The latest data released by the Labor Department on Tuesday showed consumer prices up 3.1 percent annually in November.

The U.S. economy has remained surprisingly resilient in the face of the Fed’s aggressive rate hike campaign, with the unemployment rate remaining below 4 percent and widespread predictions of a recession failing to materialize so far.

While the central bank has said little about its plans for 2024, all but three members of its Federal Open Market Committee — the panel responsible for monetary policy decisions — expect at least two rate cuts next year.

 

FULL STORY

 

[Tug]

Well what about them apples 🍎!!looks like sound governance and letting the experts do what they do best is paying dividends!!!excellent job TEAM Biden!!curious how the Fox fake nnews Will spinn this lol 😂 

[BenStark]

1 minute ago, Tug said:

Well what about them apples 🍎!!looks like sound governance and letting the experts do what they do best is paying dividends!!!excellent job TEAM Biden!!curious how the Fox fake nnews Will spinn this lol 😂 

 

 

Nothing to do with Biden, he's a failure over the whole line.

 

Dow rose because FED, which isn't run by Biden, paused rate hikes and "signalled" rate cuts next year.

 

Let's see how that turns out in reality

[Tug]

3 minutes ago, BenStark said:

 

 

Nothing to do with Biden, he's a failure over the whole line.

 

Dow rose because FED, which isn't run by Biden, paused rate hikes and "signalled" rate cuts next year.

 

Let's see how that turns out in reality

Ahh my point is team Biden has the correct people in place and enough sense to stay out of their way your failure remark is rubbish he’s accomplished a lot of substantial legislation 

[sirineou]

10 minutes ago, BenStark said:

Nothing to do with Biden, he's a failure over the whole line.

Biden is only responsible for the negatives!!

[gargamon]

It only took Trump a couple of years to destroy Obama's “longest economic expansion on record“ due to his mishandling of COVID. Looks like it only took Biden and his team a couple of years to get it back on track. 

 

With the declining inflation, interest rates, etc., it should look good for Biden by November. 

[Tug]

33 minutes ago, gargamon said:

It only took Trump a couple of years to destroy Obama's “longest economic expansion on record“ due to his mishandling of COVID. Looks like it only took Biden and his team a couple of years to get it back on track. 

 

With the declining inflation, interest rates, etc., it should look good for Biden by November. 

That and the republican attacks on basic rights education and the clown car House of Representatives it certainly is looking better and better for the democrats 

[BenStark]

38 minutes ago, gargamon said:

It only took Trump a couple of years to destroy Obama's “longest economic expansion on record“ due to his mishandling of COVID. Looks like it only took Biden and his team a couple of years to get it back on track. 

 

With the declining inflation, interest rates, etc., it should look good for Biden by November. 

 

What you describe happened in every country in the world during covid, and inflation is declining everywhere in the world as well.

 

So do you wanna claim in all those countries it was Trump who mishandled covid, and all those countries are now run by Biden?

[KhunLA]

Dow Jones is a joke, especially as a marker for the economy.  30 chosen stocks.  S&P is better, and been a bit of a rocky road since 2021.  Even the Dow has been a bit rocky since 2021.

 

True investors, don't pay much attention to either.  Just more fluff for MSM.

 

That's from personal experience as a trader.

[gargamon]

1 hour ago, BenStark said:

 

What you describe happened in every country in the world during covid, and inflation is declining everywhere in the world as well.

 

So do you wanna claim in all those countries it was Trump who mishandled covid, and all those countries are now run by Biden?

This conversation is about the US. Other countries are irrelevant. Trump was president, therefore everything that happened on his watch is his responsibility. Same as they're doing to Biden today. Maybe if Trump handled covid better, it wouldn't have been so bad. Regardless, Trump killed the longest period of expansion in US history. 

[placeholder]

2 hours ago, BenStark said:

 

 

Nothing to do with Biden, he's a failure over the whole line.

 

Dow rose because FED, which isn't run by Biden, paused rate hikes and "signalled" rate cuts next year.

 

Let's see how that turns out in reality

Do you understand that the United States is pretty much outpacing the rest of the developed world in real GDP growth? That unemployment is at a very low level? That the lowest paid workers have recorded the fastest pace in wage growth? That productivity has risen?

Edited December 14, 2023 by placeholder

[placeholder]

1 hour ago, BenStark said:

 

What you describe happened in every country in the world during covid, and inflation is declining everywhere in the world as well.

 

So do you wanna claim in all those countries it was Trump who mishandled covid, and all those countries are now run by Biden?

Funny. On the one hand you claim that the consequences of the covid pandemic were a worldwide phenomenon, so not Trump's fault, but when it comes to inflation, another worldwide phenomenon, it's Biden's fault. Doublethink much?

[Hanaguma]

1 hour ago, BenStark said:

 

What you describe happened in every country in the world during covid, and inflation is declining everywhere in the world as well.

 

So do you wanna claim in all those countries it was Trump who mishandled covid, and all those countries are now run by Biden?

Can't argue with that. Trump shutting the country down was lunacy, exacerbated by printing trillions of dollars to burn in response to the Wu Flu. Biden continued the same idiocy, fuelling inflation with too many dollars and not enough to spend them on.  

[placeholder]

5 minutes ago, Hanaguma said:

Can't argue with that. Trump shutting the country down was lunacy, exacerbated by printing trillions of dollars to burn in response to the Wu Flu. Biden continued the same idiocy, fuelling inflation with too many dollars and not enough to spend them on.  

Fueling inflation? Really? So those trillions of dollars somehow also affected the the rest of the world's rapid rise in inflation? (China is the exception and its economy is having its own hard times now)  In fact, as has now become clear, the inflation was due to the huge increase in demand for goods and the fact that there were less workers available to supply them and there were bottlenecks at ports. Actually, quite similar to what happened during WW2. Now that demand for goods is less and demand for services has gone up, inflation is rapidly decreasing. One thing that people who bewail inflation fail to note is that it has made it easier for most Americans, who mostly hold 30 year mortgages at fixed rates, to repay those mortgages.

[Hanaguma]

15 minutes ago, placeholder said:

Fueling inflation? Really? So those trillions of dollars somehow also affected the the rest of the world's rapid rise in inflation? (China is the exception and its economy is having its own hard times now)  In fact, as has now become clear, the inflation was due to the huge increase in demand for goods and the fact that there were less workers available to supply them and there were bottlenecks at ports. Actually, quite similar to what happened during WW2. Now that demand for goods is less and demand for services has gone up, inflation is rapidly decreasing. One thing that people who bewail inflation fail to note is that it has made it easier for most Americans, who mostly hold 30 year mortgages at fixed rates, to repay those mortgages.

Nope. Other countries did the same thing, with the same results.  

[noobexpat]

2 hours ago, KhunLA said:

True investors, don't pay much attention to either.  Just more fluff for MSM.

 

That's from personal experience as a trader.

 

True investors? ...hmmm

Same traders who never seem to beat the index?

 

[noobexpat]

Americans and their ranting politics are quite boring 555

[Trippy]

33 minutes ago, placeholder said:

One thing that people who bewail inflation fail to note is that it has made it easier for most Americans, who mostly hold 30 year mortgages at fixed rates, to repay those mortgages.

How does that work? Everything goes up, wages stay the same, how does that make it easier to repay a loan?

[KhunLA]

20 minutes ago, noobexpat said:

 

True investors? ...hmmm

Same traders who never seem to beat the index?

Yep ... I traded for about 20 yrs, and 2 things I never looked at or cared about, the Dow and S&P.  Guess it's fine for those wanting <10% ROI.

[noobexpat]

41 minutes ago, KhunLA said:

Yep ... I traded for about 20 yrs, and 2 things I never looked at or cared about, the Dow and S&P.  Guess it's fine for those wanting <10% ROI.

 

It sure is. 

Just 6% pa is absolutely great and more than i could ever spend.

 

And when you retire, you just disinvest?? You just waste the next 30 years being in cash?

 

 

[KhunLA]

17 minutes ago, noobexpat said:

 

It sure is. 

Just 6% pa is absolutely great and more than i could ever spend.

 

And when you retire, you just disinvest?? You just waste the next 30 years being in cash?

I didn't have the big $$$ or the time to wait long haul.  So <10% a year wouldn't work for me.  

[placeholder]

1 hour ago, Trippy said:

How does that work? Everything goes up, wages stay the same, how does that make it easier to repay a loan?

It doesn't work. But wages haven't remained the same. They've gone up too.

[placeholder]

1 hour ago, Hanaguma said:

Nope. Other countries did the same thing, with the same results.  

Thanks for the world of evidence contained in the "Nope." So much more convincing than a "No.". However....

 

"The ratio of euro area public expenditure to GDP increased substantially in recent years, from 46.9% in 2019 – the pre-pandemic baseline – to 52.6% in 2021 and to 50.7% in 2022."

https://www.ecb.europa.eu/pub/economic-bulletin/focus/2023/html/ecb.ebbox202303_07~ca65de8ae5.en.html#:~:text=The ratio of euro area,and to 50.7% in 2022.

 

Federal spending grew 45% in fiscal year 2020. 

https://usafacts.org/state-of-the-union-2021/budget/

 

Ya think those percentages are similar?

 

[placeholder]

5 hours ago, BenStark said:

 

 

Nothing to do with Biden, he's a failure over the whole line.

 

Dow rose because FED, which isn't run by Biden, paused rate hikes and "signalled" rate cuts next year.

 

Let's see how that turns out in reality

Funny about those right wingers. When the Dow goes down, it's Biden's fault. When it goes up, it's the Fed that gets the credit.

[Trippy]

1 hour ago, placeholder said:

It doesn't work. But wages haven't remained the same. They've gone up too.

Nobody I know got a raise except the standard 3% yearly that they would have gotten even if inflation was 0%. The last place I worked and left in 2021 during covid, is paying new hires the same they were paying 5 years ago. Maybe in the tech industry wages have gone up significantly but for the average grunt they haven't. 

[placeholder]

14 minutes ago, Trippy said:

Nobody I know got a raise except the standard 3% yearly that they would have gotten even if inflation was 0%. The last place I worked and left in 2021 during covid, is paying new hires the same they were paying 5 years ago. Maybe in the tech industry wages have gone up significantly but for the average grunt they haven't. 

https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/

[KhunLA]

15 minutes ago, placeholder said:

https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/

those small salary increases don't help, when you can't afford to buy a house and start to build equity for your future.  Being a slave to rent & car payments isn't progress, and quite the opposite.

 

Biden's economy putting citizens prime true investment, equity builder out of reach for most.

 

source

Edited December 14, 2023 by KhunLA

[charleskerins]

35 minutes ago, KhunLA said:

those small salary increases don't help, when you can't afford to buy a house and start to build equity for your future.  Being a slave to rent & car payments isn't progress, and quite the opposite.

 

Biden's economy putting citizens prime true investment, equity builder out of reach for most.

 

source

Remember sports fans the guy before him took us into a recession ,negative job growth ,400k plus deaths from mishandling of Covid .Biden  jobs added every quarter, inflation easing , record unemployment ,4.9% GDP  if this was under donnie boy would the Magats be braying.Did I mention Biden isn't a Fascist traitor?  The median sale price of homes has risen because of the mishandling of Covid and the tremendous demand unleashed when the US had a capable President .  The equity builder happens when You SELL your house and reap the benefits of appreciation -so the rise helps Americans especially when the increase in appreciation outpaces inflation which it is in America.   

Edited December 14, 2023 by charleskerins
addition

[charleskerins]

7 hours ago, BenStark said:

 

 

Nothing to do with Biden, he's a failure over the whole line.

 

Dow rose because FED, which isn't run by Biden, paused rate hikes and "signalled" rate cuts next year.

 

Let's see how that turns out in reality

False ,investors drove up the market based on the easing of inflation and strong GDP ,plus another 200,00 jobs added to the economy. It was the same Fed when Donnie was president  how did he do with job creation? Answer worst  in the last 100 years.  New President comes in  and once again the Dems bring America out of a recession.    "He's a failure over the whole line"      Doesn't appear so " in reality"     What line would that be the Fox News line?  Ha

Edited December 14, 2023 by charleskerins
nm

[placeholder]

1 hour ago, KhunLA said:

those small salary increases don't help, when you can't afford to buy a house and start to build equity for your future.  Being a slave to rent & car payments isn't progress, and quite the opposite.

 

Biden's economy putting citizens prime true investment, equity builder out of reach for most.

 

source

The biggest reason housing prices have gone up so much is the same kind of bottleneck that caused high prices in goods. During the covid pandemic, housing construction fell creating a shortage in the pipeline. High interest rates imposed by the feds to fight inflation have also contributed.. Because mortgage rates have gone up, people are reluctant to let go of their 30 year mortgages at low fixed rates. 

https://www.bankrate.com/real-estate/expensive-housing/#payment