Dow jumps 300 points to close above 44,000 for the first time as Trump enthusiasm continues
The Dow Jones Industrial Average surged more than 300 points on Monday and closed at record high as the benchmark’s postelection rally pressed forward.
The 30-stock Dow gained 304 points, or 0.69%, to 44,293.69. The S&P 500 added 0.1% to end the day at 6,001.35, while the Nasdaq Composite hovered near the flatline, up 0.06% to 19,298.76.
JPMorgan Chase and Goldman Sachs popped 1.1% and 2.3%, respectively, to lead the Dow higher. Bank of America and Citigroup shares were up 2% each. The cohort has posted sharp gains since Donald Trump’s election win last week, as investors hope his return to the White House could lead to easier regulation of the banking sector.
Monday’s gains put the Dow on track to close above 44,000 for the first time. Losses in technology stocks with the exception of Tesla weighed on the S&P 500, with Apple slipping nearly 2%. Peers Microsoft and Amazon were roughly 1% lower each. Small caps were advanced, with the Russell 2000 climbing 2%.
Bitcoin surged above $87,000, boosted by hopes of deregulation as well. Crypto related stocks Coinbase and Mara Holdings rallied 23% and 31%, respectively. Tesla soared more than 7%, also adding to its postelection gain.’
Source: CNBC
