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Stocks rally as Trump’s re-election promises industry gains
President-elect Trump’s successful reelection bid sparked an uptrend in stocks for crypto, tech and auto industries less than 24 hours after results were announced.
The Dow Jones Industrial Average was up more than 3 percent, while the Nasdaq Composite and S&P 500 also rose by nearly 2 percent at midday.
Crypto
Cryptocurrency exchanges had measurable leaps as the price of dogecoin spiked 18 percent.
Dogecoin is often used by tech giant Elon Musk, who dubbed the cryptocurrency the “people’s crypto” in October.
Companies like bitcoin experienced a record setting 8 percent jump in trading before a slight decline. Stock market shares in Coinbase also rose by 17 percent as reported by the AP.
Early in his campaign, Trump pledged to make the nation a “crypto capital,” and statistics show he is on track to spurring upward movement in the industry.
Tech
Trump Media & Technology Group, the parent company of the president-elect’s preferred Truth Social outlet, soared 35 percent according to Yahoo Finance. The morning after Election Day, the enterprise touts a market cap of more than $7 billion.
Stock in Microsoft and Amazon.com were up 1.1 percent as reported by the financial outlet Barron’s.
Auto
Tesla’s stock ascended by 13 percent, promising financial gains for Musk, Tesla’s owner, who avidly supported Trump’s campaign.
Ford Motor Company and General Motors saw marginal gains with the former marking a 0.3 percent increase and the latter seeing a similar 0.29 percent increase.
U.S. Steel also saw noteworthy gains as of Wednesday, as its stock was up more than 3 percent.
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