President Trump bumps S&P 500 to new high and Bitcoin back to $105k

Trump’s words are moving mountains—and markets. The S&P 500 surged to an all-time high of 6,118.71, breaking its previous December record of 6,090.27. The surge followed his address at the World Economic Forum on Jan. 24. Bitcoin didn’t miss the party, climbing from $102,000 to $105,000 within hours of his executive order promoting crypto, as Cryptopolitan reported last night. U.S. crude oil prices dipped after Trump announced plans to “ask Saudi Arabia and OPEC to bring down the cost of oil.” Global benchmark Brent crude followed, dropping sharply. At the same time, he also said he was gonna force a cut to interest rates, causing the 2-year Treasury yield, which tracks short-term rates, to tick downward. Meanwhile, the Dow Jones Industrial Average jumped 0.92%, and the Nasdaq Composite climbed 0.22%. This is the fourth consecutive session of gains across all three indexes. The Fed faces a Trump crisis With the Federal Reserve set to meet next week, Trump’s comments are likely to influence discussions. Chair Jay Powell’s upcoming press conference has investors expecting hyper volatility, with the chance of a rate cut being near zero, according to the CMEGroup’s FedWatch Tool. When asked if he thought the Fed would actually listen to him if he demands a rate cut, the president responded with a simple “yeah.” This is because there is a lot of tension between him and the central bank’s officials, though mainly Powell. Though they used to be close friends and it was even Trump who first nominated Powell for the job, the president has said he quickly realized that Powell had betrayed him by deliberately doing things that benefited the Democratic Party, while ruining the president’s reputation. Powell, for his part, said last year that he would sue Trump if he attempts to force his way into their decision-making. An action like that is powerful enough to crash both the economy and financial markets. Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - a href="https://www.cryptopolitan.com/ultimate-web3-resume-cheatsheet?utm_source=cryptopolitan&utm_medium=banner&utm_campaign=web3cs-1" target="_blank">Download Now