Stock market today: Dow jumps, Nasdaq slides as Trump tax bill sails through Senate

The Dow continuously moved higher eight months in a row (the last occurrence of this was in 1995). The Dow responded with new highs throughout the latter part of 2019, even though trade negotiations had broken down until November. It hit a milestone on July 11, closing above 27,000, and then another on Nov. 15, closing above 28,000 (in the chart below, milestones are noted). Additionally, monetary policies implemented by central banks, such as the Federal Reserve in the United States, can influence the Dow.

• However, in points, the Dow’s worst day was March 16, 2020, when it fell 2,997.1 points in reaction to the pandemic-era adoption of lockdowns throughout the U.S. and the Federal Reserve slashing interest rates to near zero.
• Chevron (CVX) and Exxon Mobil (XOM) each tacked on nearly 2%, while oilfield services company Baker Hughes (BKR) added 3%.
• The Dow witnessed a sharp decline in the end of November over fears of inflation and the COVID-19 pandemic, before resuming its quest to break more all-time high milestones.
• That said, the way the DJIA is calculated has changed a lot over the years.

Key Milestones in Dow Jones History

However, some analysts said more investor focus is likely being shifted to the rollout of Tesla’s robotaxi program, which started at a small scale in Austin, Texas, just over a week ago. In another win for the bulls, the 50-day MA crossed above the 200-day MA late last month to form a golden cross, a bullish chart signal that points to the beginning of a new uptrend. Since the start of the year the S&P 500 and Nasdaq have risen 5%, while the Dow has gained 3%. Bars pattern analysis forecasts a potential overhead target of around 6,460 and indicates the current move higher could last until early August. Investors should also watch key support levels on the S&P 500’s chart around 6,050 and 5,850.

US stock market closing: S&P 500, Nasdaq fall, Dow Jones near all-time high

The Dow Jones industrial average finished above 40,000 for the first time on Friday afternoon, doubling where the index hit shortly after Donald Trump became the 45th president. The Dow gained 3,472.56 points during 2013, higher than any prior year on record. FundsCap allows skilled traders to manage up to $500,000 in capital with a profit split between 80% and 90%. As traders reach specific milestones, their share increases, giving them the opportunity to maximize their earnings. Because of the price-weighted calculation method, a $1 change in the price of a stock in the DJIA doesn’t equate to one point in the index since that depends on the Dow divisor at the time. As such, point moves are a way to measure the relative change in the index’s value.

In this way, the DJIA is taken as an expression of how the economy is doing. That correction was more than 16% lower than its all-time high set in May of the same year, putting the index into a correction but not a bear market. Investors worried that China’s yuan devaluation and the uncertainty over the Fed’s rate increase would push the index further downward. The index closed above 23,000 on Oct. 18, 2017; slightly more than a month later, it broke 24,000. The Dow had two streaks lasting more than 10 days, which had not occurred since 1959. This high occurred only 42 trading sessions after closing above 19,000.

On Feb. 8, it entered a market correction when it fell 1,032.89 points to 23,860.46. The DJIA remains one of the most closely watched indicators of economic health. It reflects the performance of major U.S. companies and can offer insight into broader economic trends. As the Dow continues to evolve, the question what is the highest the Dow Jones has ever been may continue to change, as the index has the potential to break new records in the future.

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Trump announced Wednesday morning that a trade deal had been reached with Vietnam, where many major U.S. companies have a large manufacturing presence. The benchmark S&P 500 index and the tech-heavy Nasdaq Composite rose 0.5% and 0.9%, respectively, both closing at record highs, while the Dow Jones Industrial Average finished the day near unchanged. The S&P 500 and Nasdaq Composite had each fallen slightly on Tuesday after closing at record levels the previous two sessions. The Dow remains 1.2% away from setting its first record high since December.

Record Highs Set in 2021

• Meanwhile, investors closely watched commentary from Fed Chair Jerome Powell and labor market data as debate intensifies over when the Federal Reserve could cut interest rates.
• On Wednesday, panicky bankers withdrew $144 billion from money market funds, almost causing a collapse.
• Stock market gains since the 2008 financial crisis were mediocre in volume.
• Instead, officials are racing to find narrower agreements before July 9, when the president’s sweeping “reciprocal” tariffs are set to resume.

Shares of rival sneaker maker On Holding (ONON), which also manufactures in Vietnam, gained 3%. The PHLX Semiconductor Index (SOX) closed nearly 2% higher, as ON Semiconductor (ON) and NXP Semiconductors (NXP) each jumped more than 4%. US stocks were mixed on Tuesday as President Trump’s massive budget bill passed in the Senate and Wall Street watched for progress on trade talks.

What is the Highest the Dow Jones Industrial Average Has Ever Been in History?

No one knew if a new bull market had begun until the Dow hit a higher low on March 11, 2003, closing at 7,524.06. Of the 26 records set that year, 17 occurred after the presidential election. The records set in the fall were the first ones since the Dow reached 26,616.71 on Jan. 26, 2018. After hitting the Jan. 26 peak, the Dow went into free fall, dropping 4% the next week.

This history of the Dow since the Great Depression demonstrates how stock market fluctuations reflect the natural stages of the business cycle. This was the Dow’s third consecutive trading day with a record close and the fourth record closing in just two months. The previous high was recorded just a day prior, when the index ended the trading day at 36,585.06. TShares entered the day down more than 25% since the start of the year, including a 5% drop yesterday as Musk and Trump publicly sparred again over Trump’s “One Big Beautiful Bill” working its way through Congress. Options pricing suggests traders see shares moving about another 5% in either direction by the end of the holiday-shortened trading week following the data. JPMorgan announced it was increasing its quarterly dividend by $0.10 to $1.50 beginning this quarter, and the board approved a $50 billion share repurchase plan that began yesterday.

The CME FedWatch Tool shows investors still expect the Federal Reserve to cut interest rates twice by the end of the year. The tariff focus comes after Wall Street capped a strong week, as both the S&P 500 and Nasdaq closed at record highs on Thursday. A barometer market sentiment, known as the Levkovich Index, has current feelings at a ‘euphoric’ level, indicating the potential for overstretched positions. Apple shares broke out from a descending triangle and closed above the 50-day moving average in Monday’s trading session, potentially setting the stage for an upside trend reversal. What’s more, the relative strength index confirmed strengthening price momentum, with the indicator registering its highest reading since late February. Apple shares have faced downward pressure this year amid concerns the company is falling behind its big tech rivals on the AI development front.

The economic reports are being closely monitored by investors as the Federal Reserve has said it needs to see more data on how tariffs are affecting the economy before cutting a look at the current trading paradigm interest rates. A weaker-than-expected jobs report would likely boost expectations that the Fed will cut its benchmark rate again soon. Share repurchases among the S&P 500 companies were 59% higher in the first quarter of 2014 than the first quarter in 2013. It was the largest amount since 2007, right before the stock market crashed. But this robust start was not indicative of extreme volatility the index would face as the year progressed.

Stocks were coming off a winning week that boosted the benchmark S&P 500 on Friday to its first record high since February, while the tech-heavy Nasdaq Composite hit a new high for the first time since December. All three major U.S. averages closed out the week in positive territory. The S&P 500 and Nasdaq Composite were up 1.7% and 1.6% week to date, respectively, while the Dow posted a 2.3% gain for the period. Thursday’s report comes a day after ADP released data showing that private payrolls decreased by 33,000 last month, raising fears that perhaps the economy was starting to stumble under the weight of rapid policy changes out of Washington.

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These events can create volatility and uncertainty in the markets, leading to fluctuations in stock prices. The Dow’s historic high might be achieved during a period of relative stability, but it can quickly change due to unexpected events. Over the years, the Dow has experienced remarkable growth, breaking through numerous records along the way. The highest the Dow has ever been, as of current year, stands at highest value. This milestone represents a significant achievement for the stock market and the overall economy. Wall Street is waiting to see how trade talks between the European Union and Canada go, in addition to other key partners.