John Authers, Columnist

With a Weakening Dollar, It’s America Second

The new S&P 500 record doesn’t look like one in any other major currency.

June 30, 2025 at 4:00 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Starting to look a lot like the Fourth of July in Washington.
Photographer: Aaron Schwartz/Bloomberg

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Liberation Day can be forgotten. Coronation Day — Feb. 19, when the White House released an image of President Donald Trump wearing a crown, and the S&P 500 set a high for the year before beginning its descent — is also firmly in the past. As the US begins Independence Day week, the index is back at an all-time high.