The main indexes on Wall Street recorded record highs this Monday, led by stocks that are expected to benefit from the possible fiscal policies of US President-elect Donald Trump.
The market value of Tesla shares rose 9% to more than $1.1 trillion, boosted by bets that the automaker will benefit from Chief Executive Elon Musk’s close ties to Trump. Many other stocks have also increased their gains since Trump won the election, with investors hoping to benefit from the Republican’s return to the White House.
The S&P 500 financial index rose 1.4%, with banks helping lift the Dow Jones to its highest level ever on the back of gains from Wells Fargo & Co and JPMorgan.
The Russell 2000 small-cap index jumped 1.5%, hitting its highest level since November 2021. Smaller companies are seen as potential beneficiaries of Trump’s proposed tax cuts and expected looser regulations.
The S&P 500 index has risen nearly 4% since Trump’s victory Tuesday, while the tech-heavy Nasdaq index has gained nearly 5%.
The S&P 500 computer index fell nearly 1%.
“It’s been a crazy four days since the election and the market is taking a breather,” said Jake Dollarhide, managing director of Longbow Asset Management. “But the trend is upward. I wouldn’t be surprised if the Trump-led rally turns into a Santa Claus rally.”
Wall Street’s three main indexes rose to record closes.
The Dow Jones rose by 0.69% to 44,293.13 points. The S&P 500 index advanced 0.10% to 6,001.35 points. The Nasdaq had a positive change of 0.06%, at 19,298.76 points.
Source: Terra
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