Wall Street cheers Donald Trump’s re-election; S&P 500, Nasdaq, Dow Jones hit record high | Stock Market News
Source: Live Mint
On Wall Street the S&P 500, the Nasdaq and the Dow Jones rose to all-time highs on Wednesday as Donald Trump won the 2024 US presidential election.
The Dow Jones Industrial Average rose 1,450.11 points, or 3.43 per cent, to 43,671.12, the S&P 500 advanced 138.27 points, or 2.39 per cent, to 5,920.87 and the Nasdaq Composite gained 514.26 points, or 2.78 per cent, at 18,953.43.
78-year-old Republican Donald Trump recaptured the White House in Tuesday’s election, four years after he was voted out of the White House.
Investors are of the view that Trump presidency will bolster the US dollar as interest rates may need to remain high to combat inflation.
Before the opening bell, futures for the S&P 500 gained 2.2 per cent, futures for the Dow Jones Industrial Average climbed 3.2 per cent, and Nasdaq futures rose 1.6 per cent.
The Republican’s win also powered a rally in Trump stocks, Elon Musk’s Tesla, banks, Bitcoin, and US Treasury yields.
Shares of Trump Media & Technology Group Corp. surged more than 9 per cent.
JPMorgan Chase shares climbed 8.3 per cent.
The price of bitcoin hit a record high of over $75,000.
Crypto exchange Coinbase jumped 19.4 per cent.
Electric vehicle maker Tesla stock soared 14 per cent.
The yield on the 10-year Treasury jumped to 4.47 per cent from 4.29 per cent late on Tuesday.
The US Federal Reserve will announce its interest rate decision on Thursday. It is widely expected to cut benchmark rate by 25 basis points.
Crude oil
Oil prices fell on Wednesday as the US dollar rallied on Donald Trump’s election as president.
Brent crude oil futures were down $1.04, or 1.4 per cent, at $74.49 per barrel by 1146 GMT, while US West Texas Intermediate (WTI) crude fell $1.04, or 1.4 per cent, to $70.95 per barrel.
Bullion
Gold prices dropped on Wednesday as the US dollar rallied after victory for Donald Trump in the presidential election stoked concerns about tariffs and economic growth.
