by Greg Piper
It’s morning in America again for the stock market in the wake of Donald Trump’s second election, with the Dow Jones Industrial Average jumping more than 1,200 points or 3 percent, the benchmark S&P 500 up 1.9 percent and tech-dominated Nasdaq Composite up 1.8 percent, Yahoo Finance reports.
The S&P Regional Banking exchange-traded fund also rose nearly 10 percent and small-cap Russell 2000 jumped 4.2 percent at the market open. The 10-year Treasury note rose 17 basis points to trade around 4.46 percent.
A 14 percent jump for Elon Musk’s Tesla wasn’t the only good news for the Trump surrogate and megadonor. His favorite cryptocurrency, dogecoin, “rocketed as much as 18 percent,” the Associated Press reports on the “crypto frenzy” Trump’s election spurred.
Bitcoin set a new record in early trading, jumping 8 percent to cross $75,000 per coin and rising 77 percent this year, while the second-most popular cryptocurrency, ether, also rose 8 percent.
Trump’s pledge to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin, and his campaign’s acceptance of crypto donations and courting of bitcoin conference attendees, make him popular in the community, and he launched a crypto trade family venture called World Liberty Financial this year.
Russ Mould, investment director at a British online investment platform, told AP the question is now “when, not if, [bitcoin] will smash through $100,000.”
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Just the News reporter Greg Piper has covered law and policy for nearly two decades, with a focus on tech companies, civil liberties and higher education.
