Great Hill Capital Chairman Thomas Hayes discusses how long the stock market rally will last after Trump’s election victory for ‘Varney & Co.’
US stocks rose on Wednesday as former President Trump defeated Vice President Kamala Harris in the most controversial election in US history.
The Dow Jones Industrial Average jumped 1,500 points on Wednesday, continuing a rally seen in the pre-market session after the president-elect took the stage at his Florida headquarters early Wednesday, thanking his supporters and promising to take the country back.
| A ticker | Security | Finally | Change | Change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES QUANTITIES | 43729.93 | +1,508.05 |
+ 3.57% |
| GS | GOLDMAN SACHS GROUP INC. | 596.29 | +69.25 |
+ 13.14% |
| JPM | JPMORGAN CHASE & CO. | 247.08 | +25,50 |
+ 11.51% |
“We’re going to pay you. We’re going to do a better job. We’re going to turn it around. It has to be changed, and it has to be changed quickly. And we’re going to go. Answer,” Trump said.
Dow funds, including Goldman Sachs and JPMorgan are helping drive gains.
The Dow Jones Industrial Average
The S&P 500 and Nasdaq Composite also saw big gains of more than 2%. All three major market prices are at record levels.
“This is what low regulations and low taxes look like,” said Great Hill Capital Chairman Thomas Hayes during an appearance on ‘Varney & Co.
| A ticker | Security | Finally | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 5929.04 | +146.28 |
+ 2.53% |
| I: COMP | NASDAQ COMPOSITE INDEX | 18983.465489 | +544.29 |
+2.95% |
Trump invited Sen. JD Vance, R-Ohio, the new vice-presidential presumptive, said he would speak, and spoke about reviving the US economy, a top issue of the election.
“We will lead the greatest economic recovery in American history under the leadership of Donald Trump,” Vance told the crowd.
FOX NEWS: 2024 ELECTION LIVE RESULTS
Americans have been dealt the hand of sky-high inflation in recent years. Although it has come down from its peak of 9%, the prices of everyday items such as food remain high.
Fox projects former President Trump and Sen. JD Vance, R-Ohio, has been nominated as the next president and vice president of the US The two spoke at an election night event at the Palm Beach Convention Center in West Palm Beach, Fla., Wednesday. (Eva Marie Uzcategui/Bloomberg via Getty Images/Getty Images)
Even before Trump appeared to emerge victorious, stock futures had been rising slightly, building on Tuesday’s session in which all three major markets rose more than 1% as all major sectors of the S&P 500 locked in gains.
“What the election results do is provide us with a certain level of uncertainty,” said Ken Fisher, chairman and founder of Fisher Investments, during an interview with “Cavuto Coast to Coast” before the election results. Another layer of uncertainty will be removed on Thursday, when the Federal Reserve makes a decision on interest rates. Market participants are predicting a 25 basis point cut and possibly more at the December meeting, according to CME’s FedWatch Tool, which measures the likelihood of a rate hike.
Markets rallied on the election, with the S&P 500 and Nasdaq Composite up more than 20% for the year, and the Dow up 12%.
| A ticker | Security | Finally | Change | Change % |
|---|---|---|---|---|
| XLI | INDUSTRIAL SELECT SECTOR SPDR ETF | 141.43 | +5,33 |
+3.92% |
| XLF | FUNDS SELECT SECTOR SPDR ETF | 49.58 | +2.86 |
+ 6.12% |
| XLE | ENERGY SELECT SECTOR SPDR ETF | 93.57 | +3,42 |
+3.79% |
Investors found shares of industrial, financial and energy stocks within the S&P. Trump is pro-energy, talking about his “drill, baby, drill” mantra throughout his campaign.
Defensive stocks including utilities and consumer staples fell, along with real estate.
| A ticker | Security | Finally | Change | Change % |
|---|---|---|---|---|
| XLU | ITEMS SELECT SECTOR SPDR ETF | 77.55 | -0.81 |
-1.03% |
| XLP | CONSUMER STAPLES SELECT SECTOR SPDR ETF | 79.56 | -1.32 |
-1.63% |
| XLRE | REAL ESTATE SELECT SPDR® FUND – USD DIS | 42.65 | -1.16 |
-2.65% |
NATIONAL DEBT TRACKER
Trump also praised Tesla CEO Elon Musk, calling the world’s richest man a new star. Musk hit the Trump campaign trail, most recently making headlines at Madison Square Garden in New York City. Tesla shares gained from Trump’s victory.
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| TSLA | Company TESLA INC. | 288.53 | +37.09 |
+ 14.75% |
Trump also spoke highly of Dana White, the CEO of the UFC, another fitness supporter.
Tesla and SpaceX CEO Elon Musk speaks at a rally for former President Trump at Madison Square Garden in New York on Oct. 27. (Angela Weiss/AFP via Getty Images/Getty Images)
Cryptocurrencies were also riding the wave as Bitcoin touched a new high, trading above the $76,000 level. While both Trump and Harris were considered pro-crypto, investors are leaning on Trump to favor the industry.
For the year, the largest cryptocurrency by market value is up more than 90% from its 52-week low of $35,027.44, reached on Nov. 6, 2023, according to Dow Jones Market Data.
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