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Stocks Hit All-Time Highs as U.S. Shows Strength in Trade War with China

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Drew Angerer/Getty

President Donald Trump celebrated stocks hitting their highest levels ever by congratulating the United States on the accomplishment.

The Dow Jones Industrial Average rose 0.83 percent in morning trading Thursday, leaping over its previous record set on January 26. The S&P 500 added six-tenths of the percentage point, rising above the last record set in August. The Nasdaq Composite rose nine-tenths of a percentage point.

Escalating global trade disputes have not weighed on the U.S. economy as much as critics of the Trump administration predicted. In fact, they have barely shown up in economic data at all. On Thursday, the Labor Department said new jobless claims last week were at the lowest level in 49 years, defying forecasts that tariffs would cost U.S. jobs.

The new records come just days after the Trump administration announced that it was placing tariffs on an additional $200 billion of Chinese goods and China retaliated by promising to impose tariffs on $60 billion of U.S. goods. The U.S. and Canada have also not yet come to an agreement that would include Canada in the new trade pact set to replace the North American Free Trade Agreement.

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