Markets

Trump boasts about Dow record amid impeachment probe: 'Spend your money well!'

Key Points
  • Trump shouted out the record on Twitter before the market was open: "Stock Market hits RECORD HIGH. Spend your money well!"
  • Stocks recently got a big boost from renewed optimism about a U.S.-China trade deal.
  • The market's new record came in the middle of congressional Democrats' effort to impeach Trump, which he said is "hurting" the stock market.
President Donald Trump addresses the International Association of Chiefs of Police annual convention at the Orange County Convention Center in Orlando, Florida on October 8, 2018.
Mandel Ngan | AFP | Getty Images

The stock market hit a new milestone on Monday. Cue the tweets from President Donald Trump.

The Dow Jones Industrial Average rose more than 100 points Monday to hit its first all-time high since mid-July, following in the footsteps of the S&P 500 which hit a record last week. Trump, who enjoys touting market gains more than his predecessors, shouted out the record on Twitter before the market was open: "Stock Market hits RECORD HIGH. Spend your money well!"

The president then tweeted about the Dow record, criticizing the media's focus on the impeachment inquiry. "All-Time High for Stock Market and all the Fake News wants to talk about is the Impeachment Hoax!" Trump said in a tweet Monday.

Stocks recently got a big boost from renewed optimism about a U.S.-China trade deal. Last month, Trump said both sides had come to a "very substantial phase one" agreement that is expected to be signed later in November. China said Friday it reached a consensus with the U.S. in principle following trade talks last week.

VIDEO5:5205:52
Wall Street bull Ed Yardeni worries a 'market melt-up' is unfolding

While taking credit for market gains, the president has repeatedly blamed the Federal Reserve and his impeachment probe for any weakness. Now with the central bank cutting interest rates three straight times this year, Wall Street believes the ball is in Trump's court to determine how the markets will close out the year.

The markets' new records came in the middle of congressional Democrats' effort to impeach Trump, which he said is "hurting" the stock market. Strategists told CNBC previously that the impeachment would hurt stocks if it drags on and starts to weigh on Trump's reelection bid, and particularly if either Sen. Elizabeth Warren or Sen. Bernie Sanders were to become the leading candidate on the Democratic side.

The S&P 500 has climbed more than 35% since Trump's inauguration in January 2017, lifted by a tax overhaul in 2018. His trade battle with China over the past year and a half has roiled financial markets and taken a bite out of the U.S. economy, however.