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How Wall Street powered to a record high and what comes next
[AP] A trade war. A real war with bombs dropped in the Middle East. A barrage of insults hurled by the president of the United States at the head of the Federal Reserve.The stock market has powered through all of that in the past few months to set a new record Friday and reward investors who stayed their ground through a volatile stretch. The S&P 500 closed at an all-time high of 6,173. While Wall Street can take a bow — and breath a sigh of relief — there’s no let-up ahead. The pause President Donald Trump put in effect for many tariffs expires in early July. Second-quarter profit reports and upcoming economic indicators could reveal more about the impact of the tariffs that did go into effect. The Fed could face a tricky decision on interest rates. Here’s a look at what’s happened in markets and what could lie ahead. Skipping down: TRUMP AND THE FED Trump wants the Fed to lower interest rates. The Fed says it needs to see the impact of Trump’s tariffs before it can act. The president has taken to regularly bashing Jerome Powell, whose term as Fed chair expires next year. According to the Wall Street Journal, Trump could name his nominee to replace Powell unusually early, in an attempt to undermine him. The drama could influence trading in the bond and foreign exchange markets, and by extension on Wall Street. Related: Tariffs: 2025-06-27 Trump has 'outsmarted all of us' admits backpedaling economist who bashed President's bold plan Tariffs: 2025-06-23 Erdogan at a crossroads: not ready to quarrel with Trump, but Iran's collapse is dangerous Tariffs: 2025-06-21 ‘Donald is right' and China is the problem, EU chief says Posted by: Besoeker 2025-06-28 |
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