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    • All stock market records were set on Wednesday
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    All stock market records were set on Wednesday

    Vaseline Posted on

    Topline

    Stocks soared across the board on Wednesday as Wall Street reacted positively to Donald Trump’s victory in the presidential election, hitting numerous key milestones as stocks were already trading at near-record levels.

    Key facts

    All three major US indexes rose to respective records on Wednesday: the blue chip Dow Jones Industrial Average shot up as much as 3.5%, or almost 1,500 points to a new intraday high at 43,711, the main S&P 500 rose 2.3 % to more than 5,900 and the tech-focused Nasdaq rose 2.7% to a record 18,954.

    That’s the Dow Jones’ biggest point gain since April 2020 and a percentage gain since November 2022, the S&P’s steepest percentage gain since November 2022 and the Nasdaq since August, while the Russell 2000, which tracks 2,000 smaller companies with a average market cap of $1 billion, had its best day since November 2023, rallying 5%.

    Ten of the S&P’s thirteen sectors rose, with financials (6%), energy (4%) and industrials (4%) the biggest gainers, consistent with the conventional view that Trump’s vow to less regulation would give the sectors a boost.

    Notable stocks that hit all-time highs included Goldman Sachs and Nvidia, and prominent names like Bank of America and Tesla hit their highest share prices in more than a year (see below for a more complete list).

    And Tesla, Wells Fargo, Goldman Sachs, Morgan Stanley and JPMorgan Chase were the biggest percentage gainers among S&P companies valued at $100 billion or more, with each company’s shares rising at least 11%.

    Individual inventory records

    The following companies hit their highest share prices in at least 12 months on Wednesday, with the record highs in bold: Amazon, American Express, Apollo global managementBank of America, Bristol-Myers Squibb, Carnival, CaterpillarCisco, Citigroup, Delta Air Lines, General Motors, Goldman Sachs, JPMorgan ChaseKroger, Morgan Stanley, Nvidia, Oracle, Palantir,Tesla, Visa, Walmart And Wells Fargo.

    Who got the richest Wednesday

    Forbes’ real-time billionaires tracker has the following five people as the biggest net worth gainers during the stock market’s rise: Tesla CEO Elon Musk ($21 billion in profits), Oracle Chairman Larry Ellison ($11 billion), Berkshire Hathaway CEO Warren Buffett ($7). billion), Amazon founder Jeff Bezos ($6 billion) and Nvidia CEO Jensen Huang ($5 billion).

    Crucial quote

    Post-election tailwinds for U.S. stock indexes include “anticipation of stronger domestic growth, increased (merger and acquisition) activity, an extension of personal tax cuts and hopes for lower corporate taxes,” UBS strategists said under led by Solita Marcelli in a note. to customers. “The prospect of a clear election outcome could also be a catalyst,” Marcelli added.

    Tangent

    Other notable developments in financial markets related to the election included Bitcoin, the world’s largest cryptocurrency, reaching its highest price ever as investors reacted positively to results that were more favorable to crypto Trump, with the dollar reaching its highest jump overnight since 2016. Foreign currencies fell on trade policy concerns and core US 10-year Treasury bond yields rose to a four-month high as investors resorted to riskier assets and expressed some concerns about persistent inflation.

    Read more

    ForbesThis is why Trump’s victory sent dollar and bond yields to multi-month highsBy means of Derek Saul
    ForbesTesla shares rise 12% toward record in premarket trading as Trump wins electionBy means of Ty Roush

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