President Trump Takes Credit for Stock Market Gains --- but the Dow Isn't Doing Much

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Economy first_publish_headline|The Dow Is Still Doing Nothing While Trump Talks Up the U.S. Economy flow Barrons.com flow|Barrons.com codetype FLOW name Barrons.com source MANUAL value Barrons.com code online status modified name Online title Product code Barrons.com flow Barrons Blogs flow|Barrons Blogs codetype FLOW source MANUAL title Product code Barrons_Blogs name Barrons Blogs value Barrons Blogs status modified headline President Trump Talked Up the Economy and the Market — but the Dow Isn’t Doing Much Today headline|President Trump Talked Up the Economy and the Market — but the Dow Isn’t Doing Much Today id facebook id|facebook news_tab_url https://www.barrons.com/articles/dow-jones-industrial-average-does-nothing-as-donald-trump-talks-up-u-s-economy-51573579353 index Dow Jones Industrial Average index|Dow Jones Industrial Average symbol DJIA country US codetype index displayname Dow Jones Industrial Average extractedtext Dow Jones Industrial Average source MANUAL code djia 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The Dow Jones Industrial Average is doing nothing as U.S. President Donald Trump talks up the U.S. economy and attacks the Federal Reserve in a speech today.

President Trump Takes Credit for Stock Market Gains — but the Dow Isn’t Doing Much

The Dow Jones Industrial Average is doing nothing as U.S. President Donald Trump talks up the U.S. economy and attacks the Federal Reserve in a speech today.

https://www.cbsnews.com/news/trump-economic-club-speech-live-stream-president-trump-at-the-new-york-economic-club-today-2019-11-12/ https://www.marketwatch.com/story/trump-rips-fed-and-touts-us-economy-in-new-york-speech-2019-11-12?mod=home-page https://www.barrons.com/topics/markets?mod=BOL_HAMNAV&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline mailto:Ben.Levisohn@barrons.com President Trump Talked Up the Economy and the Market — but the Dow Isn’t Doing Much Today By Ben Levisohn Photograph by Brendan Smialowski/AFP via Getty Images Donald Trump

1:50 p.m. The Dow Jones Industrial Average is doing nothing as U.S. President Donald Trump talks up the U.S. economy, attacks the Federal Reserve in a speech today, and confirms that a trade deal is ‘close.’

Trump, speaking at the Economic Club of New York, talked up job growth in the U.S., while claiming to have done it with tighter monetary policy than he deserves. He also said that a trade deal is near, but not certain. “We’re close to a significant phase-one trade deal with China,” Trump said. “It could happen soon, but we will only accept a deal if it’s good for the U.S. and our workers and our companies.”

Trump also took credit for the market’s rise: The Dow Jones Industrial Average has returned 50% since Trump took office and sits at an all time high.

Still, the market has barely reacted to Trump’s speech. The Dow has risen 45.61 points, or 0.2%, to 27,737.10, while the S&P 500 has risen 0.3% to 3097.04, and the Nasdaq Composite has gained 0.5% to 8505.62. The indexes are largely unchanged since Trump began talking.

There’s a good reason for that. The market has been waiting for details about a possible trade deal with China, or the rumored postponement of tariffs on European cars. Instead, it’s gotten a campaign speech. There’s nothing wrong with that, of course, but it’s not what will move the market on any given day.

“President Trump’s speech at the Economic Club of New York was a highlight reel of his best lines,” writes Oanda’s Edward Moya. “Trump did not deliver any meaningful updates and that is why we saw little action over all asset classes.”

Markets Now is a quick take on what’s happening with the Dow Jones Industrial Average and other major market indexes. Don’t forget to check out the rest of Barron’s markets coverage.

Write to Ben Levisohn at Ben.Levisohn@barrons.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.