The same week Donald Trump claimed the stock market crashed due to Biden’s mismanagement of the economy, stocks rose to an all time high of 35,000…still not yet approaching the 37,000 level that we would see if Trump had never been in the oval office.
Forbes: After a rocky start at the beginning of the week, the Dow Jones Industrial Average, Nasdaq and S&P 500 all hit fresh highs Friday, with the Dow closing above 35,000 for the first time due to strong corporate earnings, reduced Covid-19 concerns and anticipation of a bipartisan infrastructure bill next week.
“We should have a lot more room to grow, but there are risks looming such as inflation and there’s always the potential for geopolitical or other threats to cause a correction in stocks,” said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance.
Stock markets plunged Monday due to concerns the spread of the Delta variant of the coronavirus could stifle the economic recovery, which remains an open question Despite the market’s strong close to the week. . More cities and states are announcing mandatory mask mandates or recommendations, which in the past, has led to public anxiety and stocks sinking. Zaccarelli notes that the gains were caused by stimulus measures and if that is removed, markets could fall.
WHAT TO WATCH OUT FOR
Talks on crafting a compromise on a $1.2 trillion bipartisan infrastructure bill continue next week after failing a full Senate vote on Wednesday. The bill would provide funding to update physical infrastructure throughout the nation. The 22 senators from both sides of the aisle that created the bill say they “have made significant progress” and “are close to a final agreement.”