After the election, Trump Media, Tesla, and cryptocurrency all experienced significant increases in value.
Following President-elect Donald Trump’s victory over Vice President Kamala Harris, Wall Street saw a surge in stock prices.
The Dow Jones Industrial Average rose by about 1,200 points to over 43,000, the Nasdaq Composite Index increased by over 300 points, and the S&P 500 Index went up by 2 percent.
Trump Media and Technology Group (TMTG), the parent company of Truth Social, saw a 28 percent increase in its stock price, reaching over $43. Trump, the majority shareholder, saw his shares rise in value to over $5 billion.
Tesla Motors also saw a 12 percent increase in its stock price as investors anticipated benefits under a Trump administration.
Furthermore, cryptocurrencies and crypto-related stocks experienced gains as investors welcomed the possibility of a favorable regulatory environment promised by Trump, including the establishment of a Bitcoin strategic reserve.
Despite these gains, clean energy stocks saw a decline due to concerns about potential policy changes under a Trump presidency.
The banking sector, on the other hand, saw significant gains as investors anticipated a supportive regulatory environment.
Overall, Trump’s victory had a mixed impact on different sectors of the market, with some stocks benefiting while others faced losses.
Our goal is to exceed all current anti-fossil fuel policies.
Despite leading in global crude output, industry estimates suggest that the United States is falling short by 1-2 million barrels a day, a gap that would be filled if Trump were still in office, as stated by Flynn.
December gold futures experienced a significant drop of around $70, or 2.55 percent, falling below $2,680 per ounce on the COMEX division of the New York Mercantile Exchange. Silver prices also took a hit, plummeting 4 percent to $31.46 per ounce.
After reaching a peak of $2,800 last week, gold prices remained stable leading up to Election Day.
The decline in gold prices was attributed to concerns that the Federal Reserve might adopt a more conservative approach to monetary policy in response to potential inflation risks, according to Ole Hansen, the head of commodity strategy at Saxo Bank.
Economist Mohamed El-Erian emphasizes that America’s fiscal outlook in the coming years will be a key aspect for financial markets to observe.
