The Left is losing their minds. But It’s going to get so much worse.
And now a shocking development after Trump victory has Democrats pale as ghosts.
Wall Street reacted well to news of former President Donald Trump’s impending return to the White House, sending all three major benchmarks to record highs on Wednesday.
After the opening bell, the Dow gained nearly 1,300 points to an all-time high of 43,499, while the Nasdaq rose 425 points to 18,860 and the S&P 500 increased 103 points to 5,887.
The market rise was fuelled by companies that are expected to benefit the most from a second Trump term, which will relax regulations while lowering taxes.
“There was relief that there was a quick and undisputed election result,” said David Morrison, senior market analyst with Trade Nation.
Elon Musk, CEO of Tesla, was among the biggest winners, as his backing for Trump paid off immediately.
Tesla stock rose 12%, while other electric vehicle firms’ stock prices fell.
Rivian Automotive fell more than 2%, and Nikola also declined.
Trump has committed to raise import duties, which would benefit Musk and Tesla, according to Wedbush analysts.
“Tesla has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players from flooding the US market over the coming years,” according to a note from the agency.
Truth Social, the media business behind Trump’s social media site, increased 6% to $35.96, despite reporting a net loss of $19.2 million in the third quarter on Tuesday.
Bank stocks rallied, with Wells Fargo up 11% and JPMorgan Chase, the nation’s largest lender, up 9%.
Cryptocurrency also benefited from Trump’s backing of the business. Bitcoin surged over 8% to a record $75,345 before dipping marginally.
Coinbase shares were up around 12%, as did Robinhood’s stock.
Trump campaigned on a promise to impose harsher penalties on offenders, which might imply a windfall for private prison businesses.
Geo Group, a private prison contractor, saw its stock price rise by more than 26% on Wednesday.
Energy stocks climbed early, with Exxon up 2.3% and Chevron up 2.5%.
Since assuming office, Trump has pledged to relax output limitations on fossil fuel firms and to prioritize offshore wind development.
However, green energy, a sector that has been dreading a potential second Trump administration and gained substantially from Biden’s Inflation Reduction Act, has experienced a setback.
Sunnova Energy, a solar panel manufacturer, fell more than 23%, while Plug Power, which specializes in clean hydrogen technology, fell 14%.
Stay tuned to The Federalist Wire.
