Trump rings NYSE, Nasdaq opening bells from White House to celebrate launch of Trump Accounts - Fox Business

President Donald Trump on Monday celebrated the launch of Trump Accounts by ringing the opening bells of the New York Stock Exchange and Nasdaq from the White House, with the Dow Jones Industrial Average closing at a record high on the day. Trump Accounts were created by the One Big Beautiful Bill Act, the package of tax cuts and reforms that Republicans passed through Congress and was signed into law by Trump last year. "This is about the Trump Accounts, which are absolutely incredible for children. Children at the age of 18, and after, become very wealthy people – come into the world with essentially no money and end up at a pretty young age being very rich," Trump said during the Oval Office event earlier Monday. "That's something that we've wanted to do, this country's wanted to do for 25 years." Monday's trading session saw the Dow Jones close at a record high of 53,055.91 points after rising 0.29% on the day. The benchmark S&P 500 Index rose over 54 points and closed up 0.72% on the day, less than 1% from a record high, while the tech-heavy Nasdaq was down 0.22% on Monday. The Trump Accounts initiative invests in low-cost index funds that provide broad, diversified exposure to the U.S. stock market.  By providing seed money for children's accounts and encouraging their parents and guardians to contribute to those accounts, they can grow tax-free and boost the wealth of beneficiaries when they turn 18 and can either continue to save and invest, or use it for things like education expenses or a down payment on a home. GOLDMAN SACHS TO CONTRIBUTE $1,000 TO TRUMP ACCOUNTS FOR ELIGIBLE CHILDREN OF EMPLOYEES Parents and guardians may contribute up to $5,000 per year to the accounts belonging to their children, while a parent's employer can contribute up to $2,500 annually without impacting the employee's taxable income. The accounts will be seeded with $1,000 in federal money to give children born between 2025 and 2028 a jump start on their savings. MICHAEL DELL CELEBRATES AMERICA'S 250TH BIRTHDAY WITH GIFT TO SEED THE AMERICAN DREAM FOR MILLIONS OF KIDS "On Saturday, July 4th, our administration deposited one-time seed contributions, $1,000 each, into the Trump Accounts of over 500,000 American children. It's a lot, and millions more will be getting additional contributions from generous donors," Trump said, noting the $6.25 billion contribution made by Michael and Susan Dell, who contributed $250 to the accounts of children 10 and under. "Children that are born without money, without any money – great parents, everything can be great, but they have no money – they can become very wealthy children at 18. They can flip, or their people can flip it over into other vehicles at a certain age so that they don't take it out, I would recommend that they probably don't take it out," the president added citing growth in the stock market. "Today with the ringing of the opening bell for the stock market, those accounts will now begin to grow right along with our booming economy. And I really believe we're going to have the biggest boom of all right now. You haven't seen anything yet. Between individual contributions and the seed funds, $800 million in new capital will be invested in the stock market for America's children this week," Trump said. At the time of the official launch of Trump Accounts, there was one investment option available, although the Treasury Department has indicated four more will be available in the months ahead. The State Street SPDR Portfolio S&P 500 ETF (SPYM), a low-cost exchange-traded fund (ETF) that tracks the performance of the S&P 500 Index, will be the initial default investment option. GET FOX BUSINESS ON THE GO BY CLICKING HERE Four other ETFs in the future include two that focus on the total U.S. stock market offered by Vanguard and iShares, along with a State Street ETF focused on the broader S&P 1500, as well as another iShares offering focused on the S&P 500.