President Donald Trump made use of “New Stock Market Record” on Wednesday, Nov. 26, as a gift to send to the American people ahead of Thanksgiving holiday.
“New Stock Market Record today, AGAIN. Congratulations USA!” President Trump said in a tweet late Wednesday after the U.S. stock exchanges closed.
New Stock Market Record today, AGAIN. Congratulations USA!
— Donald J. Trump (@realDonaldTrump) November 27, 2019
Market Watch data shows that all three major indexes finished the day at fresh record highs.
The Dow Jones Industrial Average climbed 42.32 points, or 0.15%, to 28,164.00, while the S&P 500 gained 13.11 points, or 0.42%, to 3,153.63, and the Nasdaq Composite rose 57.24 points, or 0.66%, to 8,705.18.
The U.S. stocks scored another round of records thanks to upbeat economic data and a hope for a potential United States-China trade deal.
U.S. GDP expanded 2.1% in the third quarter of 2019, the Bureau of Economic Analysis reported in its second estimate released on Wednesday. The growth rate was 0.2 percentage point higher than the first estimate announced in October.
The bureau’s data also shows that U.S. consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.3% in October for the eighth month in a row, a positive signal for the upcoming holiday shopping season.
In addition, the Federal Reserve (Fed) said in its Beige Book that the U.S. economic activity grew “modestly” from October through mid-November and the outlook “generally remained positive.” In last month’s report, the Fed described growth as “slight to modest.”
Expectations for a U.S.-China trade deal also attributed in large part to the positive tone in the market this week, according to Market Watch. President Trump on Tuesday said the negotiations between the two largest economies were “in the final throes of a very important deal.”
This is not the first time the stock indexes have reached their record highs. The market has set more than 20 new milestones so far this year as President Trump’s pro-economic agenda continues taking effect.