The Dow surges 300 points as stocks and Bitcoin continue to rally on Trump's victory
The Dow Jones Industrial Average and the S&P 500 were in positive territory on Monday as stocks continued to rally on Donald Trump’s presidential election victory.
Bitcoin, riding high on the sentiment surrounding a pro-crypto president, has surged to $87,000, another record-breaking milestone. Meanwhile, the dollar is gaining strength, and shares of Tesla and Trump Media are seeing notable increases.
By the end of the day, the Dow was up 304 points, or 0.69%. The tech-heavy Nasdaq popped up 0.06%, while the S&P 500 gained 0.10%.
U.S. bond markets are closed for Veterans Day on Monday. Other markets, including stock exchanges, remain open and active. Live Nation Entertainment (LYV) will report its earnings after the closing bell.
Tesla is riding high
Tesla (TSLA) is riding Trump’s return to the White House to a giant stock surge. That has one of its biggest bulls declaring a “new era” for Elon Musk’s automaker.
Wedbush Securities managing director and senior equity research analyst Dan Ives said Monday that he was raising his price target for the stock to $400 per share from $300 per share, citing Trump’s win as a “game changer” for the company’s autonomous vehicle plans.
More records for Bitcoin
Bitcoin keeps hitting new record highs as the cryptocurrency rallies on Trump’s presidential election win, which will put a crypto ally in the White House for the first time ever.
The leading cryptocurrency surged past $87,000 on Monday, adding to its 126% climb so far this year. According to crypto tracking website CoinGecko, Bitcoin has surged more than 128,000% since 2013, meaning that a $1000 investment in Bitcoin back then would now be worth over $1.2 million.
Trump Media is thriving
Trump Media and Technology Group stock (DJT) was up 4% on Monday as it continues to rideTrump’s election victory.
Trump Media went public on March 26 under the ticker (DJT) after completing its merger with Digital World Acquisition Corp. (DWAC), a special purpose acquisition company, or SPAC. Now that Trump will be returning to the White House in January, his more than 100 million shares are a focal point.
Chip stocks are down
Chip stocks dragged down the Nasdaq on Monday despite gains in the Dow Jones Industrial Average and S&P 500. Shares of Intel (INTC) were down by around 4.1% during midday trading, while Arm’s (SFTBY) shares were down over 5%. Broadcom’s (AVGO) stock was down by almost 3%, Qualcomm (QCOM) was down by around 2.2%, and Micron (MU) was down by around 3.5%.
— William Gavin, Britney Nguyen, and Rocio Fabbro contributed to the article
