Stock markets on Tuesday closed at record highs following news of strong corporate earnings, completing a months-long recovery from a slump that started in late 2018.

The S&P 500 closed at 2,934, beating its September record of 2,930, while the Nasdaq closed at 8,121, beating its August high of 8,109.

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The Dow Jones Industrial Average climbed to 26,656, still some 170 points below its all-time high in October.

Stocks slumped dramatically in December, bringing to a close a tumultuous 2018 that saw markets close below their starting points, fueled by concerns over higher interest rates and global trade wars.

Meanwhile, the Federal Reserve has indicated that it does not expect to raise rates any further this year, while corporate profits are strong, in part because of a major tax break provided under the GOP tax plan.

The rally will be welcome news to Trump, who had made soaring stock markets a regular theme in tweets lauding the economy, but stayed mum as stocks began to sputter last year.

Trump has indicated that a strong economy will be central to his reelection in 2020.