Trump victory boosts markets and Bitcoin.
Tesla shares and cryptocurrencies rise on Trump’s triumph.
MicroStrategy and Coinbase rise in value after US elections.
U.S. financial markets saw a significant rise on Wednesday, reflecting investors’ reaction to the result of the presidential election, which confirmed Donald Trump as the next president. Trump’s victory, announced after the vote count in Wisconsin by the Associated Press, appears to have injected renewed optimism into the economic outlook, evidenced by the jump in the main market indexes.
The Dow Jones Industrial Average posted a massive 2,7% gain, adding more than 1.100 points. Meanwhile, the S&P 500 saw its value increase by around 1,5%, while the technology-focused Nasdaq Composite rose by around 2%. U.S. 10-year Treasury yields also saw a surge, rising 17 basis points to 4,46%.
Among the companies that stood out, Tesla, led by CEO Elon Musk, a well-known Trump supporter, saw its shares rise more than 12% before the market even opened. During his victory speech, Trump made a point of praising Musk, referring to him as a “super genius” and highlighting the importance of protecting domestic talent. “We have to protect our geniuses. We don’t have enough of them,” Trump said.
Related Stories
Donald Trump Re-Elected US President: Associated Press Projection Confirms
06/11/2024
US Election Today: Trump Leads as Bitcoin Surges Above $71K
05/11/2024
The outlook for cryptocurrencies has also been extremely favorable, with Bitcoin reaching a new all-time high, surpassing $75.000 per coin. The rise of Trump, considered a pro-crypto candidate, certainly contributed to this momentum.
Not only Bitcoin, but also other crypto-related entities such as MicroStrategy and Coinbase have seen significant gains, rising over 11% and 12% respectively, while Robinhood, which includes cryptocurrencies on its trading platform, saw its shares surge by nearly 10%.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Tags:
USA
