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What trade war? Dow hits record high

What trade war? The Dow just soared to its first record high since late January.The milestone shows t...

Posted: Sep 21, 2018 5:43 AM
Updated: Sep 21, 2018 5:43 AM

What trade war? The Dow just soared to its first record high since late January.

The milestone shows that Wall Street is mostly unfazed by the escalating trade clash between the United States and China.

The Dow's 251-point leap on Thursday marked its 100th record close since President Donald Trump's election, according to S&P Dow Jones Indices. The S&P 500 also notched an all-time high.

The Dow closed at 26,657. It has spiked about 3,300 points since a low on April 2, when investors were more worried about trade. They're betting that the strong US economy will power through the outbreak of tariffs.

"The market is showing incredible strength," said Paul Hickey, co-founder of Bespoke Investment Group.

Stocks spiked late last year and in January after Republicans enacted a sweeping corporate tax cut. The euphoria sent the Dow soaring from 25,000 to 26,000 in just seven trading days. Even market optimists were questioning whether stock valuations had gotten out of hand.

"In January, it felt like the market was bulletproof," said Dan Suzuki, portfolio strategist at Richard Bernstein Advisors. "That's no longer the case."

Eventually, that rally crumbled in dramatic fashion, punctuated by two single-day 1,000-point plunges. Wall Street was overcome by fears about inflation and spiking interest rates. It was the scariest moment for US investors in years.

"Sentiment had gotten really out of hand. The pullback was a reality check. The lack of a new high for so long has let the market play catchup to fundamentals," Hickey said.

And the fundamentals look very good. Corporate earnings have gone through the roof, thanks to strong economic growth and the corporate tax cut. The unemployment rate has dropped to just 3.9%. And US economic growth has climbed to an annualized pace of 4.2%.

"What matters most to investors is corporate profits," Suzuki said. "The profit trends are healthy — and accelerating. That's tremendously bullish for US stocks."

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 115407

Reported Deaths: 3566
CountyConfirmedDeaths
Marion21196765
Lake10493323
Elkhart6528110
St. Joseph6392106
Allen6178202
Hamilton4848109
Vanderburgh360930
Hendricks2715123
Monroe256036
Tippecanoe239113
Johnson2305123
Clark221457
Porter213647
Delaware194262
Cass19419
Vigo182526
Madison164375
LaPorte142340
Floyd135862
Howard130563
Warrick128038
Kosciusko121617
Bartholomew116457
Marshall100824
Dubois96919
Boone96846
Hancock92143
Grant91934
Noble90832
Henry79826
Wayne75414
Jackson7499
Morgan71638
Shelby67229
Daviess66328
Dearborn66028
LaGrange63411
Clinton59914
Harrison57624
Putnam56412
Knox5159
Gibson5114
Lawrence51129
Montgomery50821
White48514
DeKalb47611
Decatur45839
Miami4353
Greene42435
Fayette42113
Jasper3942
Steuben3807
Scott37311
Sullivan33712
Posey3240
Jennings31312
Franklin30725
Clay3005
Ripley2968
Orange28824
Carroll27413
Whitley2707
Washington2651
Wabash2648
Starke2637
Adams2613
Wells2614
Jefferson2483
Spencer2413
Fulton2382
Huntington2363
Tipton22622
Perry22113
Randolph2167
Jay1800
Newton17311
Owen1681
Martin1640
Rush1554
Pike1471
Vermillion1280
Fountain1232
Blackford1193
Pulaski1131
Crawford1050
Brown1043
Parke962
Benton880
Ohio787
Union780
Switzerland690
Warren391
Unassigned0226

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 148894

Reported Deaths: 4734
CountyConfirmedDeaths
Franklin26704607
Cuyahoga17375656
Hamilton13036315
Montgomery7755162
Lucas7280364
Butler5933111
Summit5265252
Marion308847
Mahoning3053281
Warren302349
Stark2838175
Pickaway264344
Lorain230786
Delaware223120
Fairfield208753
Columbiana192980
Licking191063
Trumbull1883132
Wood184172
Clark179440
Clermont170723
Lake161951
Medina146039
Greene144432
Allen143069
Miami142851
Portage113266
Mercer111918
Erie93546
Tuscarawas93020
Wayne92767
Ross87924
Richland86119
Madison81512
Darke79942
Belmont71827
Geauga71349
Hancock69510
Athens6692
Ashtabula65748
Lawrence65322
Shelby62510
Auglaize5979
Putnam58523
Sandusky56320
Huron5427
Union5292
Scioto4986
Seneca47014
Ottawa46830
Preble43315
Muskingum4012
Holmes3859
Jefferson3364
Henry31213
Logan3093
Champaign3043
Perry2969
Clinton29413
Defiance28911
Brown2882
Knox28415
Washington26023
Morrow2572
Hardin25213
Jackson2506
Fulton2411
Ashland2374
Crawford2366
Coshocton23411
Fayette2306
Highland2273
Wyandot21012
Williams2073
Gallia18913
Pike1840
Meigs17410
Guernsey1698
Hocking1639
Carroll1527
Adams1294
Van Wert1173
Monroe11018
Paulding1080
Harrison633
Morgan470
Vinton473
Noble280
Unassigned00
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