The Dow hit 50,000 and 7 in 10 Americans shrugged it off

Record market meets record frustration

The Dow Jones Industrial Average closed above 50,000 for the first time on Feb. 6, 2026, finishing at a record 50,115.67. President Trump celebrated on social media, calling it “the first time in History.”

But most Americans don’t share the excitement. A Pew Research Center survey of more than 8,500 adults found that about 72% rate economic conditions as only fair or poor. That negative view has held steady for six years now.

Trump’s approval slides across major polls

Trump’s job approval ranges from 36% to 44% depending on the pollster. An AP-NORC survey in early February put it at 36%.

A Quinnipiac poll from late January found 37% approval and 56% disapproval, his lowest in that series this term. Even a Fox News poll showing 44% approval found 7 in 10 respondents giving the economy negative ratings.

His approval on the economy has fallen to some of the lowest levels of either term.

Voters rank the economy above everything

Americans pick the economy as the country’s top issue by nearly a two-to-one margin over anything else. In the Fox News poll, 7 in 10 voters said Trump is not spending enough time on it.

A majority across multiple surveys say his policies are making things worse.

That frustration cuts across demographics, including independents and white voters who helped him win in 2024.

Consumer confidence sits near historic lows

The University of Michigan’s consumer sentiment index finished February at 56.6, landing in the 3rd percentile of the survey’s entire history.

That reading sits about 21% below where it stood in January 2025.

Nearly half of consumers, about 46%, brought up high prices eating into their finances without even being asked. That number has stayed above 40% for seven straight months.

Most consumers say they don’t see meaningful differences in the economy from month to month.

Stock gains only reach the wealthiest Americans

The sentiment bump in February came entirely from consumers with the largest stock portfolios. People without stock holdings saw no improvement at all.

That split makes sense when you look at who actually owns stocks. According to Gallup, about 87% of households earning $100,000 or more own stocks.

Only about 28% of households earning under $50,000 own any. Federal Reserve data shows the top 10% of households hold roughly 93% of all stock market wealth.

Economists describe a “K-shaped” split

Economists call this a “K-shaped economy,” where wealthy Americans and everyone else head in opposite directions. The stock market and overall economic output look strong on paper.

But lower-income Americans face higher prices, weaker job prospects, and little benefit from rising stock values. Higher-income consumers with portfolios and homes bought before 2021 feel protected.

Lower-income consumers, renters, and recent homebuyers face the worst affordability conditions in years.

Everyday costs have jumped since 2020

Overall prices have climbed about 26% since 2020. Groceries and housing costs have each risen roughly 31%, and energy is up about 29%.

Americans now pay an average of about $265 a month in utilities, up around 12% from a year ago. About 7 in 10 Americans polled by CBS News said they struggle to pay for food, housing, and health care.

The numbers help explain why a record stock market feels meaningless to most families.

GDP growth slowed sharply late last year

The U.S. economy grew just 1.4% in the final quarter of 2025, a steep drop from 4.4% in the third quarter. That fell well short of the roughly 3% growth economists expected.

A 43-day government shutdown starting in October dragged the number down.

According to the Bureau of Economic Analysis, GDP grew 2.2% for all of 2025, down from 2.8% in 2024. Consumer spending and business investment in artificial intelligence kept the economy from a worse outcome.

The job market is cooling fast

Economists describe the current labor market as “low hire, low fire.” Job growth slowed sharply in 2025, with losses in the final three months.

Workers aged 16 to 24 face an unemployment rate above 10% that has been rising for six months. The share of unemployed workers out of a job for six months or more hit a pre-2009 record.

Fear of job loss among consumers is near the highest levels recorded in more than two decades of University of Michigan surveys.

Homeownership feels out of reach for many

Home affordability is at its worst since the peak of the 2006 housing bubble, according to the Atlanta Federal Reserve. In 2019, a typical home cost about 29% of median income.

Today it takes about 43%. Households in 67 of the 100 largest U.S. cities must spend over 30% of income to own a median home.

JPMorgan Chase estimates a typical 2024 homebuyer spent about 45% more on mortgage payments than a 2019 buyer. Mortgage rates remain high.

Both parties eye the economy for 2026

Congressional Republicans worry that economic frustration could cost them seats in November.

The White House says tax refunds from the “One Big Beautiful Bill” and new manufacturing investments will change the picture.

Democrats have pointed to affordability as a winning message, a strategy that helped them in recent elections in New York, New Jersey, and Virginia.

Economists say wages need to outpace inflation for a sustained stretch before Americans feel they are getting ahead.

A record index and an unhappy country

The Dow’s climb from 40,000 to 50,000 was the fastest 10,000-point gain in the index’s 130-year history. But the milestone has not lifted public confidence.

Only about 20% of Americans in either party say they worry about the stock market itself. Their concerns center on the cost of everyday life, not portfolio values.

The gap between Wall Street performance and Main Street sentiment remains one of the defining features of the current economy.

This article was created with AI assistance and human editing.

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