Stocks Rally After Trump Win, Tesla Shares Surge by Nearly 15%

November 7, 2024 TruthUSA

The top 10 gainers in the S&P index experienced a surge of over 13 percent.

After Donald Trump’s victory in the 2024 election, shares of Tesla, owned by Elon Musk, saw a significant increase. Several other corporations also saw substantial gains.

Tesla stock rose by 14.75 percent, making it one of the top 10 gainers in the S&P 500 index on Wednesday. Musk, a strong supporter of Trump, had donated nearly $75 million to Trump’s campaign between July and September.

Trump Media & Technology Group Corp, the owner of the Truth Social platform, also saw a rise of nearly 6 percent. The stock has increased by over 106 percent this year as Trump’s net worth reached around $6.2 billion.

The S&P 500 index saw a jump of 2.53 percent by the end of Wednesday. Various sectors like financials, industrial, energy, consumer discretionary, technology, and communication services also experienced positive growth.

The top gainers included Discover Financial Services, Synchrony Financial, Trimble, Nucor Corp., KeyCorp, Capital One Financial Corp, Tesla, Citizens Financial Group Inc., Steel Dynamics, and Charles River Laboratories International.

All top 10 gainers saw their shares surge by more than 13 percent.

Various tech corporations also witnessed an increase in their shares. Amazon, Nvidia, Microsoft, Alphabet, and Intel saw positive growth, while Apple and Meta showed slight declines.

Business leaders offered congratulations to Trump following his electoral victory.

Amazon CEO Andy Jassy congratulated the President-elect and expressed eagerness to collaborate on important issues.

Jay Timmons, president and CEO of the National Association of Manufacturers, suggested key policies for the incoming Trump administration.

Market Predictions on the New Trump Administration

A report by IG Bank indicated positive market expectations for the new administration under a Republican-controlled house.

Expectations of pro-business policies, including deregulation, tax cuts, and fiscal spending, are likely to enhance market sentiment.

Key sectors like energy, financials, and technology are expected to benefit from deregulation and business-friendly policies.

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Market Predictions on the New Trump Administration

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