- The Dow Jones rose nearly 50 points as revised US GDP beat expectations.
- Elizabeth Warren’s slip in the polls gave additional good news for the stock market.
- Boeing (BA) stock weighed on the Dow thanks to a stern letter from the FAA regarding the 737 MAX.
Wednesday provided yet another quiet day of trade for the Dow Jones, which rose slightly after a better than expected GDP reading.
Additional fuel for the stock market came as left-wing Elizabeth Warren slipped in Democratic polling, but a weak showing from Boeing stock kept the Dow from outperforming.
Dow Jones Anchored by Boeing
The Dow Jones lagged the S&P 500 and Nasdaq midweek, primarily because core stock Boeing suffered a rough session.
Shortly before the closing bell, the Dow had gained 41.75 points or 0.15% to trade at 28,163.43.
The Nasdaq rose 0.57%, while the S&P 500 advanced 0.4% during the moderately-bullish session.
The price of gold was lower as the stock market pressed to record highs. Oil prices also declined after an unexpected build in inventories.
Trump Economy Looks a Lot Like Obama’s
On the trade front, Donald Trump continues to do his best to keep the positive vibes going. Claiming that a phase one deal with China is in its final “throes,” the White House is still doing its best to reassure Dow bulls to hang in there.
The US president has more than just a China problem, though. Today’s GDP data showed he is far from fulfilling his election growth promises.
Though the revised figure beat estimates, it only shows the US economy growing at the same rate as under his predecessor. This is definite political ammunition for a Democratic opponent to use against Trump if GDP remains at these levels heading into the 2020 general election.
Jobless claims were once again a bright spot for the Dow Jones to focus on, while durable goods orders also…