United States President Donald Trump reacted to the US stock markets roaring back on Friday, slamming Democrats and crediting his tariffs imposed on other countries as the reason for the surge.
Tech stocks recovered much of their losses as the Dow Jones index surged passed the 50,000 mark for the first time in history.
The Dow Jones Industrial Average led the major indices amid Friday’s market rally, gaining more than 1,200 points to finish at 50,115.67, up 2.5%.
Reacting to the news, Trump credited himself for bringing the Dow Jones to the 50,000 mark three years ahead of what experts had predicted.
“The “Experts” said that if I hit 50,000 on the Dow by the end of my Term, I would have done a great job, but I hit 50,000 today, three years ahead of schedule — Remember that for the Midterms, because the Democrats will CRASH the Economy!” he said in a post on Truth Social.
Market rally driven by tariffs, says Trump
Donald Trump in another Truth Social post credited the US tariffs on other countries behind the US market rally on Friday.
“Record Stock Market, and National Security, driven by our Great TARIFFS,” he said.
He predicted the Dow Jones to reach the 100,000 mark before his term ends.
“I am predicting 100,000 on the DOW by the end of my Term. REMEMBER, TRUMP WAS RIGHT ABOUT EVERYTHING! I hope the United States Supreme Court is watching,” he wrote.
US stock market flies high
The US stock markets recorded a stellar performance on Friday with the S&P 500 rising 2%, the Nasdaq jumping 2.25% and the Dow Jones Industrial Average hitting the 50,000 mark for the first time.
The Dow Jones Industrial Average soared 1,206 points, or 2.5% during Friday’s close.
This was the best day since May last year witnessed by the US markets, driven by gains in chipmaking companies. Nvidia jumped 7.8% to trim its loss for the week, while Broadcom soared 7.1%.
The stocks, which drove most of the rally in the S&P 500, gained amid hopes for continued spending by customers diving into AI technology. Amazon CEO Andy Jassy said late Thursday it expects to spend about $200 billion on investments this year to take advantage of “seminal opportunities like AI, chips, robotics, and low earth orbit satellites.” Google-parent Alphabet has also said it will spend more on AI technology.
US stocks had been under pressure this week, with the Nasdaq falling the last three sessions following big drops in software equities and some tech giants related to the AI push.
