OAN Staff James Myers
9:56am – Wednesday, November 6, 2024
Donald Trump's election victory was cheered by Wall Street, with all three major indexes hitting record highs on Wednesday.
advertisement
After the opening bell, the Dow rose nearly 1,3000 points to an all-time high of 43,499 points, the Nasdaq rose 425 points and the S&P 500 rose 103 points to 5,887.
The market rally was driven by several industries likely to be the biggest beneficiaries of Trump's second term, which is expected to ease regulation while aiming to cut taxes.
“We are relieved to see a swift and uncontroversial election result,” said David Morrison, senior market analyst at Trade Nation.
One of the biggest beneficiaries was Tesla CEO Elon Musk, whose support for Trump quickly paid dividends.
Tesla's stock price rose 12%, while the value of other electric car companies fell.
Rivian Automotive fell more than 2%, and Nikola also fell.
Trump has promised to raise tariffs on imported goods, which would benefit Musk and Tesla, according to Wedbush analysts.
“Tesla has unparalleled scale and reach in the EV industry, and this dynamic, coupled with rising Chinese tariffs that will continue to displace cheaper Chinese EV players, will make Musk more likely to move forward in a non-EV subsidy environment.” “It is unlikely that the US market will be flooded in the next few years,” the agency said in an industry note.
The media company behind President Trump's social media platform, Truth Social, also soared, rising 6% to $35.96.
Bank stocks rose sharply, with Wells Fargo soaring 11% and JPMorgan Chase, the nation's largest lender, surging 9%.
Cryptocurrencies also rose due to President Trump's support for the industry. Bitcoin price rose nearly 8% to an all-time high of $75,345 before falling back slightly.
Additionally, the stock price of cryptocurrency trading platform Coinbase rose about 12%, as did the stock price of retail trading app Robinhood.
Energy stocks also rose, with Exxon stock up 2.3% and Chevron stock up 2.5%.
Meanwhile, President Trump previously said he would lift production limits on fossil fuel companies to target offshore wind development.
But fearing the possibility of a second Trump administration, green energy companies, which had benefited greatly from Mr. Biden's anti-inflation law, suffered a sharp decline.
Shares of solar panel maker Sunnova Energy fell more than 23%, and Plug Power, which specializes in clean hydrogen equipment, fell 14%.
Stay informed. Receive breaking news directly to your inbox for free. Subscribe here. https://www.oann.com/alerts
Advertisement below
Please share this post!
