The major US stock indices have reached new record highs, driven by a sharp rise in stocks related to Trump. Bank stocks contributed to the Dow Jones Industrial Average's gains. The Russell 2000 Index, which reflects small-cap stocks, rose by 1.5% to its highest level since November 2021, as small businesses are expected to benefit from Trump's tax cuts and deregulation policies. Meanwhile, the S&P 500 technology index fell nearly 1%, and the Philadelphia Semiconductor Index declined by 2.5% as the market awaits upcoming inflation data.
The Dow Jones Industrial Average increased by 304.14 points, or 0.7%, closing at 44,293.13. The S&P 500 Index rose by 5.81 points, or 0.1%, to 6,001.35. The Nasdaq Composite Index edged up by 11.99 points, or 0.1%, to close at 19,298.77.
Tesla (TSLA, Financial) surged 9% in a single day, boosting its market value to over $1.1 trillion, as the market anticipates benefits from CEO Elon Musk's close ties with Trump. Conversely, Microsoft (MSFT) and Meta (META) each fell about 1%, while Nvidia (NVDA) retracted by 1.6%.
In the cryptocurrency market, Bitcoin reached a record high of $87,000. Cryptocurrency exchange Coinbase Global (COIN) saw a 20% increase, while Bitcoin mining companies Marathon Digital Holdings (MARA) and Riot Platforms (RIOT) jumped by 30% and 17%, respectively.
