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American Focus > Blog > Celebrities > Trump Election Win Fuels Record Stocks As Harris Congratulates The Don
Celebrities

Trump Election Win Fuels Record Stocks As Harris Congratulates The Don

Last updated: November 7, 2024 10:15 am
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Trump Election Win Fuels Record Stocks As Harris Congratulates The Don
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Donald Trump’s victory in the 2024 presidential election has had a significant impact on the stock market, with record-setting stocks and soaring numbers across the board. The S&P 500 surged 2.5%, marking its best day in nearly two years, while the Dow Jones Industrial Average soared 1,508 points, or 3.6%. The Nasdaq composite also rose by 3%, with all three indexes surpassing recent record highs.

Capital One Financial saw a 15% increase, while Discover Financial surged by 20.2%, making them among the market’s biggest gainers. Investors are optimistic about the merger between the two companies, speculating that it will face fewer regulatory obstacles under Trump’s administration.

JPMorgan Chase also experienced a substantial rise, with CEO Jamie Dimon sending out a memo to staff congratulating Trump on his victory over Kamala Harris. Dimon had previously backed Harris’ campaign but stated that he would not accept any offer to join Trump’s administration. The support from Dimon comes as a surprise to many, considering his previous political affiliations.

Financial stocks, in general, posted significant gains, with JPMorgan Chase leading the way with an 11.5% increase. The market is currently pricing in a higher growth and inflation outlook, according to Peter Esho of Esho Capital.

In a statement released on Wednesday, JPMorgan Chase executives mentioned Dimon’s message to staff, emphasizing the need to unite behind the President-elect and focus on pressing economic and global issues. Dimon called the presidential election one of the hardest-fought and divisive in recent history, urging unity moving forward.

While the market tends to rise regardless of the party in office, investors are curious about how Trump’s policies, such as higher tariffs and lower tax rates, will play out. The outcome will likely depend on whether Republicans secure control of Congress, a result that is still pending.

See also  Abby Phillip Asks Why Trump Doesn't 'Own Up To' Epstein Files

In addition to bank stocks, cryptocurrency and Tesla are also experiencing positive trends. Trump’s vision of making America the “crypto capital of the world” seems to be on track, with Bitcoin reaching an all-time high above $75,000. Other cryptocurrencies, including dogecoin, are also on the rise, along with crypto-related companies like Coinbase.

Tesla has seen a 15.1% jump in its stock price, while its competitor, Rivian Automotive, has experienced a 7.3% decline. Overall, the market is reacting positively to Trump’s victory, with various sectors experiencing growth and optimism for the future.

TAGGED:CongratulatesDonElectionfuelsHarrisrecordstocksTrumpwin
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