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Wall Street "explodes" after Trump's victory, stocks reach record levels
2024-11-07 21:47:46 / BOTA
Wall Street welcomed news of former President Donald Trump's return to the White House — with all three major stock indexes hitting record highs on Wednesday.
The Dow Jones jumped 1,508 points, the first time it rose more than 1,000 points in a trading day in two years, to close at an all-time high of 43,729. The Nasdaq rose 544 points to 18,983, and the S&P 500 rose 146 points to 5,929.
The market rally was driven by industries that are likely to be the biggest beneficiaries of a second term for Trump, who is expected to loosen regulations aimed at cutting taxes.
Among the biggest winners was Tesla CEO Elon Musk, whose support for Trump provided an immediate return on his "investment" in the Republican's campaign.
Tesla shares rose nearly 15%, while rival US electric vehicle companies Rivian fell 8% and Nikola retreated 3%.
According to analysts at Wedbush, Trump has pledged to raise tariffs on imports, which would benefit Musk and his Tesla company.
Tesla has the scale and reach that is unmatched in the electric vehicle industry, and that dynamic could give Musk and Tesla a clear competitive advantage, coupled with China's potential higher tariffs that would continue to drive out larger players. cheap Chinese electric vehicles from supplying the US market over the next few years.
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