According to the National Bureau of Economic Research, this month marks the longest expansion of economic growth since 1854, stemming back to June of 2009, a record 121 months! Gross Domestic Product has grown a cumulative 25% during this record setting run. In addition, the unemployment rate dropped to 3.6% in May, the lowest level since 1969.
Driving the economic expansion, the Dow Jones Industrial Average closed above 27,000 for the first time ever on Thursday, July 11th. The S&P 500 also notched a record close. Fueling the stock market are investors choosing to put their money into stocks, amidst expectations that the Fed will cut interest rates later this month. Art Hogan, Chief Market Strategist at National Securities said, “The Fed is on a one-way street heading to a cut. The market is clearly in ‘don’t-fight-the-Fed’ mode.”
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