Stocks made steady advances through the week and were especially profitable on Friday, as the NASDAQ and S&P 500 reached all-time closing highs.
The week also marked an historic moment on Wednesday, when the current S&P 500 became the longest bull market in US history, though the celebration was largely muted and overshadowed by fake news concerning President Trump.
While Washington and the mainstream media remains focused on unseating a duly-elected president, Wall Street is making hay while the sun shines, living large in the light under Trump's easy fiscal and tough trade policies which have put more money in the pockets of American workers, upset the global status quo, and spurred a delightful rally since he won the presidency in November, 2016.
Many
deep state politicians and the loathsome mainstream media seem to be on another planet when it comes to politics and the economy. While middle America is flourishing after years of mismanagement under presidents Bush and Obama, they look the other way when it comes to Trump, refusing to acknowledge his various successes, instead plowing ahead with false narratives that run the gamut from colluding with Russia during the 2016 campaign to steamy affairs with a porn star and a Playboy playmate.
Politicians on the left and even many so-called RHINO Republicans seem content to spend most of their time fomenting fear and hatred. At the same time, Wall Street remains unimpressed and without concern over the political hijinks and wasted efforts to impeach or impair the Trump presidency.
It's a sad state of affairs when the dominant media can only produce stories that are shakily superficial and barely believable. If anything unsettles markets, it would likely come from the swamp creatures in DC and the media, though as of yet, investors and the general US population aren't buying it.
Approaching the final week of unofficial summer, markets are robust but heavily overvalued. Profits since the last recession and the 2008-09 financial crisis have been all too easy. Market veterans know just how quickly good times can turn bad, although since the downturn in February and March there's been little thought or discussion about booking profits, moving to cash positions, or consolidating gains in any concerted fashion.
Bonds have been stable, precious metals have gone into a long, deep reversion, and inflation is not overwhelming. Outside of high valuations and the constant attacks on President Trump, the US economy appears as healthy as it has been in the past 20 years.
Dow Jones Industrial Average August Scorecard:
| Date |
Close |
Gain/Loss |
Cum. G/L |
| 8/1/18 |
25,333.82 |
-81.37 |
-81.37 |
| 8/2/18 |
25,326.16 |
-7.66 |
-89.03 |
| 8/3/18 |
25,462.58 |
+136.42 |
+55.05 |
| 8/6/18 |
25,502.18 |
+39.60 |
+94.65 |
| 8/7/18 |
25,628.91 |
+126.73 |
+221.38 |
| 8/8/18 |
25,583.75 |
-45.16 |
+176.22 |
| 8/9/18 |
25,509.23 |
-74.52 |
+101.70 |
| 8/10/18 |
25,313.14 |
-196.09 |
-94.39 |
| 8/13/18 |
25,187.70 |
-125.44 |
-219.83 |
| 8/14/18 |
25,299.92 |
+112.22 |
-107.61 |
| 8/15/18 |
25,162.41 |
-137.51 |
-245.12 |
| 8/16/18 |
25,558.73 |
+396.32 |
+151.20 |
| 8/17/18 |
25,669.32 |
+110.59 |
+261.79 |
| 8/20/18 |
25,758.69 |
+89.37 |
+351.16 |
| 8/21/18 |
25,822.29 |
+63.60 |
+414.76 |
| 8/22/18 |
25,733.60 |
-88.69 |
+326.07 |
| 8/23/18 |
25,656.98 |
-76.62 |
+249.45 |
| 8/24/18 |
25,790.35 |
+133.37 |
+382.82 |
At the Close, Friday, August 24, 2018:
Dow Jones Industrial Average: 25,790.35, +133.37 (+0.52%)
NASDAQ: 7,945.98, +67.52 (+0.86%)
S&P 500: 2,874.69, +17.71 (+0.62%)
NYSE Composite: 12,999.44, +65.98 (+0.51%)
For the Week:
DOW: +121.03 (+0.47%)
NASDAQ: +125.65 (+1.66%)
S&P 500: +24.56 (+0.86%)
NYSE Composite: +91.18 (+0.71%)
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