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Bull market ignores White House turmoil to set new record

26 August 2018

United States stock markets on Wednesday marked the longest period of uninterrupted gains in American history, proverbially called a bull run.

Whether it formally qualifies as the longest bull market run on record, then, is the sort of debate that will have to continue among investors and the financial media during the dog days of summer. The S&P 500 industrial index rose 0.8%.

It's been a happy season on Wall Street lately as the bull market in stocks is now being considered by some as the longest bull market ever.

The Dow Jones Industrial Average edged down 16 points, or 0.1 percent, to 25,805.

Kevin Caron, senior portfolio manager at Washington Crossing Advisors in Florham Park, New Jersey, has said, "Investors still seem relatively optimistic about growth, and you're seeing that expressed in the market today".

And even without a near-20% drop, there have been periods in just the last three years for USA stock market investors that were less than exuberant.

The S&P 500 rose 17 points, or 0.6 per cent, to 2,874, beating the record it set in January by two points. S&P 500 e-minis were up 5 points, or 0.17 percent and Nasdaq 100 e-minis were up 18.5 points, or 0.25 percent. In the wake of the Great Recession, a period during the late 2000s, the S&P 500 hit 676 points when the current bull market began.

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That hopeful note clashed with what NPR's Eyder Peralta saw Friday in Harare, an opposition stronghold. He also declared that the July 30 election was the most transparent and credible the country ever had.

The Dow Jones Industrial Average .DJI fell 75.62 points, or 0.29 percent, to 25,746.67, the S&P 500 .SPX lost 0.82 points, or 0.03 percent, to 2,862.14 and the Nasdaq Composite .IXIC added 23.60 points, or 0.3 percent, to 7,882.77.

The criticism came ahead of the release of the Fed's minutes of its August policy meeting on Wednesday, which is expected to reaffirm its confidence in the US economy and its commitment to future rate hikes. The Dow Jones Small-Cap Growth TSM Index closed at 10,701.54 for a gain of 47.13 points or 0.44%.

Medtronic rose 4.6 percent after the medical device maker's profit beat estimates. The Nasdaq composite rose 7 points, or 0.1 percent, to 7,866.

Concern over an economic slowdown in China was the driving force behind the steep S&P 500 sell-off in 2015.

ASIA'S DAY: Japan's benchmark Nikkei 225 gained 0.6 percent to finish at 22,362.55.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.83 percent.

Bull market ignores White House turmoil to set new record