Trump gives Wall Street its best week of the year

The Republican’s victory boosted U.S. stocks, driven by expectations that his administration would support corporate growth.

Wall Street investors wrapped up a week of euphoria following Donald Trump’s election win. The belief that his return to the White House will spur business growth fueled the indices to their best week of the year.

The Dow Jones, which tracks 30 major companies, rose 0.59% to 43,988.99 points, while the S&P 500, which covers 500 stocks, gained 0.38% to close at 5,995.54 points. Both indices came close to key levels of 44,000 and 6,000 points, momentarily crossing these thresholds during the session.

Meanwhile, the tech-heavy Nasdaq Composite inched up 0.09% to 19,286.78 points, setting a new record, largely driven by Tesla’s surge of +8.19%. The automaker’s stock soared past the trillion-dollar market cap mark this Friday.

Investors remain optimistic about the potential for a Trump administration to foster corporate growth. The close ties between Elon Musk and the president-elect have further fueled bets on benefits for Musk’s companies, such as Tesla.

On a weekly basis, all three indices posted significant gains. The Dow Jones jumped 4.61%, the S&P 500 rose 4.66%, and the Nasdaq surged 5.74%, bolstered in part by a 25-basis point rate cut from the Federal Reserve.

Tech giants were among the week’s standout performers, especially Tesla, which rocketed 29% for its best week of the year. Nvidia also gained 9.03%, surpassing Apple (+1.93%) to become the world’s most valuable company this week.