Stocks are opening sharply higher on Wall Street amid easing recession fears. The Dow Jones Industrial Average is up about 300 points in early trading after President Trump’s positive comments on the economy and trade talks with China. The Nasdaq and S&P 500 are also higher after the opening bell.
President Trump is not worried about the U.S. economy sliding into a recession saying consumers are loaded with cash because of his tax cuts.
— Bloomberg (@business) August 19, 2019
Appearing on Fox News Sunday, White House economic adviser Larry Kudlow agrees with the president by simply saying there’s no recession on the horizon.
Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed, but the Democrats are trying to “will” the Economy to be bad for purposes of the 2020 Election. Very Selfish! Our dollar is so strong that it is sadly hurting other parts of the world…
— Donald J. Trump (@realDonaldTrump) August 19, 2019
The focus is on home sales in a week that’s light on major economic reports. The July report on existing home sales for will be out Wednesday. Thursday brings the weekly look at first-time claims for unemployment benefits. Also on Thursday, minutes of the most recent meeting of the Federal Open Market Committee. New home sales for July will be released Friday.