Morning Report 7 Nov 24: Stocks rise, Treasuries mixed as markets brace for US vote Morning Repor
Bitcoin hit a record near US$76,000 and the US dollar climbed to its highest level since July. Stocks that are expected to perform well under a second Trump term posted strong gains, with Trump Media & Technology Group up 5.8%. Tesla leapt 14.8% as CEO Elon Musk has supported Trump in his electoral campaign. Crypto stock Coinbase gained 31.1%. The energy, industrials and consumer discretionary sectors were up around 3% each. Financials led the gains with a 6.2% surge to hit a record high. Wells Fargo jumped 13.1%, Goldman Sachs soared 13.1% and JPMorgan Chase surged 11.5%. US-based steel stocks rallied on the back of Trump’s victory with Nucor rallying 16.0%. A gauge of small caps - the Russell 2000 index - rallied 5.8% amid speculation they will benefit from Trump's protectionist stance. The Dow Jones index rose to a record high and the S&P 500 index jumped to an all-time high, both registering their biggest one day gains since November 2022. The Nasdaq index surged to a record of its own.
Visit CommSec’s Market News hub: https://www.commsec.com.au/mar....ket-news/the-markets
Follow us on Twitter: http://www.twitter.com/commsec
Follow Us On Instagram: https://www.instagram.com/commsec
Subscribe to CommSecTV: https://www.youtube.com/user/CommSecTV
