(Tea Party PAC) – On Dow Jones Industrial Average has climbed above 29,000 for the first time in history as all three of the major averages are trading in record territory.
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In December, the US economy added 145,000 nonfarm jobs according to the Labor Department on Friday. This comes short of economists’ estimates of 164,000, but is buffered quite significantly by the booming stock market.
“The number was a touch lighter than expectations but showed solid payrolls and wage growth, which should be enough to keep the consumer spending and the economy muddling along,” said senior global market strategist at Wells Fargo Investment Institute, Sameer Samana, according to Fox Business.
The unemployment rate has held at 3.5%.
The Dow crossing 29,000 is a “signal that investors are more comfortable with the economy, the decrease in trade tensions and now the decrease in Middle East tensions,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.
These concerns had increased after the elimination of top Iranian general, Qassim Soleimani, who the Pentagon said had been planning to attack American and that they’d had no choice but to respond.
Earlier this week, Tehran had promised a harsh response, but instead they fired at bases housing Americans in Iraq and missed, then accidentally shot down a passenger airliner full of Ukrainians, Iranians, and Canadians after it had taken off from Tehran.
As Conservative Treehouse notes, this important piece of stock market history was made while National Economic Council Director Larry Kudlow was live on air.
“During an interview discussing the health of the U.S. economy in 2020 with National Economic Council Director Larry Kudlow, the DOW Jones industrial average crossed 29,000 for the first time in history.”