Monday 11/November/2024 – 07:13 PM
rose US Dow Jones Index Monday, to build on the massive post-election rally, but the Nasdaq index suffered after Trump’s deals highlighted the markets with Tesla shares rising for the fifth session in a row.
The Dow Jones Industrial Average led the way higher, rising more than 400 points, or about 1%, while the S&P 500 rose 0.2%. Both indexes are coming off their best week this year, capped at record highs, according to Bloomberg.
Technology stocks
Meanwhile, the Nasdaq Composite, which was dominated by technology stocks, remained hovering near the flat line, while shares of Nvidia, Apple and Meta fell.
Markets opened on Veterans Day, with stocks hitting all-time highs on expectations of corporate tax cuts and deregulation by President-elect Donald Trump, and recent interest rate cuts by the Federal Reserve also boosted the mood.
Shares of Tesla — another hotspot for “Trump deals” — continued to rise, up 10%.
The electric car maker’s stock recorded its highest close in more than two years last Friday, surpassing $1 trillion in market value amid optimism about CEO Elon Musk’s relationship with the next president.
At the same time, doubts began to arise about the stock market’s ability to withstand.
Consumer inflation data for October
Wall Street is awaiting October consumer inflation data on Wednesday for indications on the path of interest rates.
Last week, Federal Reserve Chairman Jerome Powell remained silent about the bank’s thinking in confronting Trump’s policies that might keep price pressures in place.
