Stock market surges after Trump's election win, driven by expected policies and tax cuts.

From Nasdaq

November 6, 2024 11:52:33 AM:

Stocks surged today with the S&P 500, Dow Jones, and Nasdaq all up over 2%. The rally follows Trump’s election win, buoyed by expected tax cuts and tariffs. Bitcoin hit a record high, benefiting from relaxed regulations and Trump’s support. Mortgage applications fell as rates rose, with the FOMC meeting and earnings reports in focus.

Overseas markets were mixed, with Euro Stoxx and Shanghai down, while Japan’s Nikkei rose. T-notes plunged to 4-month lows on Trump policies. European bond yields varied, while PMI and PPI data released. German factory orders beat expectations, ECB expected to cut rates in December.

Bank stocks soared on hopes of looser regulations under Trump. Cryptocurrency stocks, chip stocks, and health insurers also rallied. Tesla led gainers in the Nasdaq 100. Home builders and Medicaid insurers fell on policy concerns. Several companies reported strong earnings, while others faced downgrades. Earnings reports for various companies expected on 11/6/2024.

Read more at Nasdaq: S&P 500 Soars to a Record High as Trump Wins Presidential Election