By CCN.com: The US stock market raced to its second-consecutive daily again, as the Dow jumped more than 200 points the day after President Trump delivered a withering assault on his political opponents at a Michigan rally that marked a turning point for his 2020 reelection campaign.
The Dow Jones Industrial Average shot higher immediately after the opening bell rang, capitalizing on a bullish session for US stock futures. The rally held throughout the day as the Dow closed the book on its best quarter since 2009, with the index jumping 211.22 points or 0.82 percent to 25,928.68.
The S&P 500 added 18.96 points or 0.67 percent to reach 2,834.4, and the Nasdaq climbed 60.15 points or 0.78 percent to end the quarter at 7,729.32.
On Thursday, the Dow had managed a 91.87 point gain following another volatile trading session, rising 0.36 percent to close at 25,717.46. The S&P 500 climbed 10.07 points or 0.36 percent to 2,815.44, and the Nasdaq closed at 7,669.17 following a gain of 25.79 points or 0.34 percent.
This morning, the US stock market is digesting the latest development to emerge from the trade war teeter-totter.
US Treasury Secretary Steven Mnuchin said that he and Trade Representative Robert Lighthizer had held “constructive” discussions with Chinese negotiators in Beijing and that the Trump administration looked forward to continuing them in Washington next with Chinese Vice Premier Liu He.
Mnuchin’s positive comment followed an even more significant report that China had agreed to “unprecedented” concessions related to forced technology transfer, news that was clouded by White House economic adviser Larry Kudlow’s subsequent comment that it could be “months” until the world’s two largest economies arrived at a formal agreement.
Thursday also brought Wall Street its first look at Donald Trump’s post-Mueller investigation 2020 campaign strategy.
Hours after unleashing a savage tweetstorm targeting opponents – both foreign and domestic – ranging from Jussie Smollett to OPEC to House Intelligence Chairman Adam Schiff, an unfettered Trump took the stage in Michigan and delivered a withering, uncensored critique of his political enemies who in his words, defrauded American votes with the “Russia…collusion delusion” – the “single greatest political hoax in the history of our country.”
“The Democrats have to now decide whether they will continue defrauding the public with ridiculous bullsh*t, partisan investigations, or whether they will apologize to the American people and join us to rebuild our crumbling infrastructure, bring down the cost of health care and prescription drugs … help us fix our broken trade deals,” Trump ranted.
The president gloated that despite “three years of lies and smears and slander,” he – not his Democratic opponents – emerged from the Mueller probe victorious.
“And guess what?,” Trump said as the MAGA faithful roared their approval. “We won.”
Meanwhile, the cryptocurrency market continues to edge higher, even as the bulls appear too skittish to mount a major charge at bitcoin’s $4,200 resistance line.
On Friday, the bitcoin price enters the US trading session at $4,074 on Bitstamp, slightly down from its intraday high of $4,102, which marked the flagship cryptocurrency’s highest level in more than a month.
According to eToro Senior Market Analyst Mati Greenspan, bitcoin has arguably broken above its long-term descending trendline (depicted in yellow). Still, most analysts would be hesitant to call a bull market until the bitcoin price punches through the $4,200 resistance line and makes a strong push toward its 200-day moving average (blue), which currently waits for around $4,650.
Now that bitcoin has begun to once again test $4,200, it seems certain that a breakout is imminent. The only question is whether the bulls have enough momentum to smash through that wall before the volume dries up – and the bears exact their revenge.
Altogether, the cryptocurrency market cap stands at $143.4 billion, representing a single-day gain of about $700 million. Bitcoin dominance – an indicator that measures its market share – continues to hold at 50.4 percent.
Last modified: July 2, 2020 8:13 PM UTC