Tesla and Trump Media Lead Stock Gains; U.S. Bond Market Closed for Veterans Day
Following Donald Trump’s election victory, market effects continue to ripple, propelling Bitcoin to a record high above $84,000 and driving the Dow Jones Industrial Average past the 44,000 mark for the first time.
Investors have been actively buying stocks post-election, relieved that the contentious race is over and optimistic that Trump’s presidency will bring deregulation and spur mergers, fueling market momentum.
This confidence pushed U.S. stocks to their best weekly performance of the year, with significant gains extending into Monday. The U.S. dollar also strengthened, and major indexes continued their record-breaking trend.
Tesla and Trump Media stocks saw notable increases, joined by gains in banking stocks. Although the U.S. bond market was closed in observance of Veterans Day, other markets remained open.
Looking ahead, key economic updates are expected this week, including October’s inflation data and earnings reports from companies like Home Depot and Disney. Investors are also keenly watching for any potential appointments or policy moves by the president-elect.
Market Highlights:
The Dow Jones Industrial Average and S&P 500 climbed further, with the Dow nearing its historic close above 44,000.
In individual stocks, Cigna rallied after the health insurer clarified it has no plans to acquire Humana. In contrast, AbbVie’s stock dropped following the unsuccessful trial of its experimental schizophrenia drug, while competitor Bristol-Myers Squibb saw gains. The WSJ Dollar Index strengthened, notably as the dollar rose against the yen after Japan’s parliament appointed Shigeru Ishiba as prime minister.
Oil prices continued to fall, with expectations that U.S. production will reach new highs under the Trump administration.
Global stock markets presented a mixed picture. European markets and mainland Chinese indexes rose, though Hong Kong’s Hang Seng Index dropped over 1%.
