top line
Stocks soared across the board Wednesday as Wall Street reacted positively to Donald Trump’s victory in the presidential election, with stocks already trading near record levels and hitting a number of major milestones. .
Traders on the floor of the New York Stock Exchange following Trump’s victory.
AFP (via Getty Images)
important facts
On Wednesday, all three major U.S. indexes broke their own records. The blue-chip Dow Jones Industrial Average rose as much as 3.5%, or nearly 1,500 points, to a new intraday high of 43,711, while the flagship S&P 500 index soared 2.3% to more than 5,900. The tech-heavy Nasdaq rose 2.7% to a record high of 18,954.
This is the Dow’s largest point gain since April 2020 and its largest percentage gain since November 2022, the S&P’s largest percentage gain since November 2022, and the Nasdaq’s largest percentage gain since August. The Russell 2000, which tracks 2,000 smaller companies valued at $1, rose 5%, having its best day since November 2023.
Ten of the S&P’s 13 sectors rose, with financials (6%), energy (4%) and industrials (4%) the biggest winners, contrary to the traditional belief that President Trump’s pledge to deregulate would boost industries. It was consistent with conventional wisdom.
Notable stocks that hit record highs included Goldman Sachs and Nvidia, while big names like Bank of America and Tesla hit their highest share prices in more than a year (see below for a more complete list). reference).
Among S&P companies with valuations of $100 billion or more, Tesla, Wells Fargo, Goldman Sachs, Morgan Stanley, and JPMorgan Chase were the ones with the highest price increases, with each company’s stock price at least It rose by 11%.
Individual stock records
Companies whose stock prices hit new highs in at least 12 months on Wednesday are in bold: Amazon, American Express, Apollo Global Management, Bank of America, Bristol-Myers Squibb, Carnival; Caterpillar, Cisco, Citigroup, Delta Air Lines, General Motors, Goldman Sachs, JPMorgan Chase, Kroger, Morgan Stanley, Nvidia, Oracle, Palantir, Tesla, Visa, Walmart, Wells Fargo.
Who became the richest on Wednesday
Forbes’ Real-Time Billionaire Tracker lists five people as the biggest net worth winners during the stock market surge: Tesla CEO Elon Musk ($21 billion in profits), Oracle Chairman Larry Ellison (profit of $11 billion), Berkshire Hathaway CEO Warren Buffett (profit of $7 billion), Amazon founder Jeff Bezos (profit of $6 billion), and Nvidia CEO Jensen Huang (profit of $5 billion). dollar).
important quotes
UBS strategists led by Solita Marcelli say post-election tailwinds for U.S. stock indexes include “solid expectations for domestic growth, increased (merger and acquisition) activity, an extension of the personal tax cut, and a move to lower corporate taxes.” In the notes, he pointed out that such things as “expectations” were mentioned. To the client. “The prospect of a clear election result could also be a catalyst,” Marcelli added.
tangent
Other notable developments in financial markets related to the election include Bitcoin, the world’s largest cryptocurrency, hitting an all-time high as investors reacted favorably to results that appeared to favor President Trump. , and the dollar hit its highest single-day value since 2016. Benchmark 10-year U.S. Treasury yields rise to four-month high as foreign currencies weaken on trade policy concerns, investors move into riskier assets and concerns about lingering inflation did.
Read more
