The Dow Jones Industrial Average hit 29,000 points for the first time in its history Friday, capping a gain of over 10,600 points since President Trump’s election.
Trump responded to the news on Twitter, quoting a Fox News interview and saying “The best is yet to come!”
“11,000 points gained in the Dow in the 3 years since the Election of President Trump. Today it may hit 29,000. That has NEVER happened before in that time frame. That has added 12.8 Trillion Dollars to the VALUE of American Business.” @Varneyco @FoxNews The best is yet to come!
— Donald J. Trump (@realDonaldTrump) January 10, 2020
The other main stock indexes — the S&P 500 and the Nasdaq Composite — also hit record highs, as fears over war with Iran slowed.
Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, told Fox News that the records “signal that investors are more comfortable with the economy, the decrease in trade tensions and now the decrease in Middle East tensions.”
Markets dipped following a Trump-ordered airstrike to take out Iranian military leader Qasem Soleimani January 2, but defense-contractor shares surged as speculation regarding possible conflict in the Middle East rose.
But the threat of war dissipated after Tehran announced it “did not intend to kill” with the missile attack on Iraqi military bases that house U.S. troops, which was launched in retaliation for Soleimani’s assassination.
The news of the Dow record was concurrent with the December jobs report, which showed steady growth that fell slightly below expectations but kept unemployment at record lows.
A total of 2.11 million jobs were created in 2019, down from the previous year’s 2.68 million jobs added.
While U.S. manufacturing continued to slump amid an ongoing trade war with China, Beijing announced Thursday that a delegation of senior officials would travel to Washington next week to sign a phase-one trade deal negotiated to ease U.S. tariffs.