Wall Street Closes at Record Highs Amid Expectations of Donald Trump Victory
Analysts anticipate that, with support from a Republican-majority Congress, Trump will fulfill his campaign promise to lower corporate taxes.
Wall Street’s three major indexes closed Wednesday’s session at record highs as investors showed enthusiasm following Donald Trump’s election victory, with his pledge to reduce corporate taxes boosting market sentiment.
The Dow Jones Industrial Average, which includes 30 major companies, surged 3.57% to reach 43,729.93 points. The broader S&P 500 gained 2.53%, closing at 5,929.04 points, while the Nasdaq Composite rose 2.95% to 18,983.47 points.
Trump’s campaign promises included significant corporate tax cuts. Additionally, analysts noted that the clear Republican win eliminated uncertainty that might have affected the market.
The day’s biggest gainers included financial, industrial, technology, and private prison stocks. In contrast, renewable energy companies, a sector Trump has criticized, were among the day’s major losers.
Chipmakers saw substantial gains, with Nvidia climbing 4.07% and the Philadelphia Semiconductor Index advancing 3.09%. Clean energy companies such as NextEra Energy (-5.25%) and First Solar (-10.13%) experienced declines.
No movement was as notable as that of electric vehicle manufacturer Tesla (+14.75%). CEO and major shareholder Elon Musk, a prominent Trump donor, was even invited to hold a government position.
Investors will closely monitor post-election reactions tomorrow, while also awaiting the Federal Reserve’s monetary policy announcement. Futures suggest a 97.5% probability of a 25-basis-point rate cut.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals