July 3 (UPI) -- All three major U.S. stock market indexes closed at record highs Wednesday, after abbreviated trading sessions ahead of the Fourth of July holiday.
The Dow Jones Industrial Average reached its first record since October, closing 0.7 percent higher to 26,966. The Nasdaq rose 0.8 percent to close at 8,170 and the S&P 500 at 2,996 points, an 0.8 percent gain.
"We've seen continued doubt and worry over this bull market for a decade now, yet it continues to defy all skeptics," said Ryan Detrick, senior market strategist for LPL Financial, according to Bloomberg. "The bottom line is the dual benefit of both fiscal and monetary policy should help extend this business cycle potentially much longer than many expect."
The U.S. economy set a record Monday for the most consecutive months, 121, without a recession.
Wednesday's records came as many investors anticipate a rate cut from the Federal Reserve at its policy meeting later this month.
"China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA," Trump tweeted. "We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games."
Trump has said he plans to nominate Christopher Waller and Judy Shelton to the Federal Reserve board, candidates considered likely to support rate cuts.