The stock market largely shrugged off President Donald Trump’s announcement on Friday afternoon from the White House’s Rose Garden that he and lawmakers on Capitol Hill have reached an agreement to end the longest government shutdown in U.S. history.
The major stock indexes were all up for the day, completing their fifth straight week of gains. The stock market has not risen for five weeks in a row since last summer.
The Dow Jones Industrial Average climbed by nearly 185 points, or 0.75 percent. The S&P 500 rose 0.85 percent. The Nasdaq Composite was up by 1.29 percent.
But although many in Washington, D.C. celebrated the end of the shutdown, stocks did not take much notice. Shares of many companies had been up by more earlier in the day and most of the major indexes opened at the low points for the day.
Shutting down the government is widely believed to shrink gross national product during the shutdown but not to have a lasting effect on the economy. But much of the spending federal workers forego during the shutdown is deferred rather than permanently lost, which can mean economic acceleration in the weeks after government resumes full-operations.
Josh Brown, a well-known market analyst and the chief executive of Ritholtz Wealth Management, took to twitter on Friday to mock President Trump’s announcement as a sign of weakness. It included an image of a figuring shrugging.
We were promised a wall but instead got a cave.
¯_(ツ)_/¯
— Downtown Josh Brown (@ReformedBroker) January 25, 2019
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