Stock markets hit a new all-time high Tuesday as they approached the longest bull market in modern history, despite President Trump’s recent statements on trade and monetary policy that have unnerved some business leaders.
The S&P 500 reached 2,873.23, just beating the prior record of 2,872.87 set in January. On Wednesday, the bull market, meaning the time without a major downturn, will have officially run 3,453 consecutive days, a streak stretching back to March 2009.
The high came despite Trump rattling things by slamming the Federal Reserve for raising interest rates and the administration barreling ahead toward escalating its trade dispute with China by placing 25 percent tariffs on an additional $200 billion of Chinese goods.
Trump said Monday that Federal Reserve should be officially backing the administration’s efforts to get the the upper hand in renegotiating international trade deals, arguing that central banks in other countries did that. “During this period of time, I should be given some help by the Fed. The other countries are accommodated,” Trump told Reuters, adding that China and the Europe Union were manipulating their currencies.
Trump’s comments caused worry among some investors and former government officials, because the precedent set by previous administrations was to leave monetary policy to the Fed and not comment on its decisions.
