Sign In  |  Register  |  About Mill Valley  |  Contact Us

Mill Valley, CA
September 01, 2020 1:29pm
7-Day Forecast | Traffic
  • Search Hotels in Mill Valley

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Trump trade powers Dow 44,000, S&P 6,000 as stocks keep humming

The Dow, S&P 500 and Nasdaq Composite hit a fresh round of new record highs as investor optimism continues following President-elect Donald Trump's historic White House win.

Investors continued to plow money into U.S. stocks, setting new records following President-elect Donald Trump’s historic White House win.  

The Dow Jones Industrial Average scored its 43rd record of the year, closing above 44,000 for the first time ever. 

The S&P 500 closed above 6,000 also for the first time in its 51st record close of the year, while the tech-heavy Nasdaq notched a 32nd record close.  

Within the S&P consumer discretionary, financials and industrials paced the gains, while real estate, healthcare and tech saw fractional losses.  

Trump, who won the popular and electoral vote, ran on pro-business, less regulation, smaller government and lower taxes, among other initiatives.

He has started to assemble his team as of Monday evening. Former New York Rep. Lee Zeldin has been picked to join President-elect Donald Trump’s administration as the Environmental Protection Agency (EPA) administrator. Tom Homan is his new border czar, and NY Rep. Elise Stefanik was appointed U.S. Ambassador to the United Nations. 

NATIONAL DEBT TRACKER: FOXBUSINESS.COM

Investor Cathie Wood, of Ark Invest, said Trump’s incoming administration may have more economic benefits than Ronald Reagan did after he cut taxes and whittled down the deficit in the 80s.

"Deregulation (defanging the SEC, FTC, and others), government spending cuts (making room for the private sector), tax cuts, and a focus on technologically enabled innovation are likely to turbocharge the US economy more powerfully than during the Reagan Revolution." she explained in a video message posted on X.  

Tesla, run by close Trump advisor Elon Musk, rose another 9%, with its market cap crossing $1 trillion. 

"We are raising our price target on Tesla to $400 from $300 as we believe the Trump White House win will be a gamechanger for the autonomous and AI story for Tesla and Musk over the coming years" said Wedbush analyst Dan Ives in a note to clients. The company’s market cap could hit $2 trillion over the next 12 to 18 months, he added.  

TESLA HEADED FOR $2 TRILLION VALUATION

The company’s AI and autonomous opportunity is "worth $1 trillion alone for Tesla, and we fully expect under a Trump White House these key initiatives will now get fast-tracked as the federal regulatory spiderweb that Musk & Co. have encountered over the past few years around FSD [fully self-driving]/autonomous clears significantly under a new Trump era" he noted.

Trump’s win also propelled bitcoin to new records. The largest cryptocurrency by market value topped $88,000 late Monday, a new, inflation-adjusted all-time high, as investors embrace what is expected to be his pro-crypto policies.

CRYPTO INDUSTRY ELECTION SPENDING TALLIES AT LEAST $238M, SURPASSING TRADITIONAL GIANTS

"We now know there will be no government ban. It's actually more likely the U.S. will start buying bitcoin" said "Coin Stories" podcast host Natalie Brunell during an appearance on "Making Money" with Charles Payne. "Everyone is waking up to the fact that bitcoin, it's not just here to stay. It's going to be in every portfolio, on every company’s balance sheet and in every nation’s reserve someday" she added.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Bitcoin’s rally is also fueling companies in the bitcoin space, including Microstrategy, Coinbase and Robinhood.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MillValley.com & California Media Partners, LLC. All rights reserved.