Goldman Sachs says the economy is almost recession-proof, CNBC reports.
Just months after almost everyone on Wall Street worried that a recession was just around the corner, Goldman Sachs said a downturn is unlikely over the next several years.
In fact, the firm’s economists stopped just short of saying that the U.S. economy is recession-proof.
Current potential risks are mostly muted.
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The Dow finished up with a record-breaking year. Job creation will continue and unemployment is at a historic low of 3.5% — a 5-year low.
The Dow Jones Industrial Average’s highest closing record is 28,645.26 set on Dec. 27, 2019. Investors were relieved that the trade negotiations initiated by President Donald Trump might soon be resolved. They were also cheered by the Federal Reserve’s three interest rate cuts.
The Dow and the economy usually run tandem, and they are both doing great.
Since August 22, 2018, the current bull market has been the longest-running in U.S. history.
The benchmark S&P 500 was up 189 percent for the decade while the Dow and Nasdaq were higher by 173 percent and 294 percent, respectively.
The major averages’ gains for 2019 were equally impressive with the S&P 500 gaining 29 percent while the Dow and Nasdaq added 22 percent and 35 percent, respectively. It was the S&P 500’s best year since 2013.
The growing @realDonaldTrump economy is STRONG:
✅50-year low unemployment rate
✅Historic unemployment rates for women, blacks, Latinos, Asians, veterans
✅Over 7M jobs created
✅1M manufacturing & construction jobs
✅Fastest wage growth in a decade & faster for low earners
— Team Trump (Text TRUMP to 88022) (@TeamTrump) December 31, 2019
Some are claiming this is Obama’s stock market, but that’s not true. His last years were unimpressive. The gains are due in large part to the cuts in regulations and taxes. There were other factors, true, but those were big.
If you go onto social media, you will find a lot of Democrats talking down the economy, but the truth is, it’s great.
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