Bitcoin on the rise Wall Street remains euphoric after Trump victory
November 11, 2024, 11:46 p.m. Listen to article
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The outcome of the US presidential election is also creating a good mood on Wall Street in the new week. The Trump victory is seen as a promise not only for Tesla and crypto stocks.
After Donald Trump’s victory in the US presidential election, the record hunt on Wall Street continues this week. The Dow-Jones-Index closed 0.7 percent higher at 44,293 points. The broader one S&P 500 as well as the technology-heavy one Nasdaq rose by 0.1 percent to 6,091 and 19,298 points respectively. Last week, the three most important indices rose significantly after Trump took back the White House.
Bitcoin 87.684,50
There were fresh records on Monday Bitcoin. At the close of trading in New York, the best-known cryptocurrency was up around 15 percent at $88,479. According to market experts, Trump’s clear victory and the election of candidates considered crypto-friendly to the US Congress continue to provide tailwind. “Investors’ anticipation of crypto-friendly policies and regulations in the USA is and remains unbridled,” commented expert Timo Emden from Emden Research. In addition, the prospect of the introduction of Bitcoin state reserves is lifting the mood.
Small values asked
The electric car manufacturer’s papers were also in demand Teslaafter reaching a market value of more than $1 trillion on Friday for the first time since 2022. At the start of the week it rose another nine percent to around $350. Tesla boss Elon Musk supported Trump in the election campaign and could play a role in his government team. Stock marketers are betting that Tesla will benefit from Musk’s close ties to Trump. On election day last week, the papers cost just under $225.
Tesla 321,15
Once again, one of the biggest beneficiaries was Small-Cap-Index Russell 2000. The small value index temporarily rose by 1.6 percent to its highest level since November 2023 and was close to a record high. Stocks are likely to be one of the main beneficiaries of Trump’s announced tax cuts. “Assuming Trump and Congress can implement at least some of the promised tax reforms and deregulation and the economy remains healthy, it is reasonable to expect current trends to continue,” commented Siebert’s Mark Malek.
Meanwhile, disappointment over China’s latest economic stimulus program weighed on the Oil prices. Brent crude oil from the North Sea and US light oil WTI each fell by around three percent to $71.94 and $68.14 per barrel respectively. Price pressure has also been compounded by the prospect of rising supply under a Trump administration.
All further developments from today’s trading day can be found here.
