Wall Street hovers near record high as Trump-fueled rally continues
Wall Street's main indexes were near record highs on Monday (NASDAQ:MNDY), holding on to post-election gains, ahead of the next batch of economic data that could decide whether the equity rally can sustain itself, News.Az reports citing Investing.
Several stocks that gained following the U.S. election results continued their upward trajectory. Tesla (NASDAQ:TSLA) jumped 7.4% after touching $1 trillion in market value on Friday for the first time since 2022.
The EV maker gave a boost to consumer discretionary shares, with the sector at a record high.
The small-cap Russell 2000 jumped 1.6% to its highest level since last November and was near a record high, with the stocks expected to be a key beneficiary of President-elect Donald Trump's proposed tax cuts and on expectations of an easier regulatory environment.
"Assuming that Trump and Congress can deliver on even a few promised tax reforms and de-regulations, and if the economy stays healthy, it's reasonable to expect current trends to continue," said Mark Malek, chief information officer at Siebert.
The Nasdaq, however, retreated after hitting a record high as megacap stocks weighed. Information technology shares fell 1% and chip stocks were down 3%, led by a 21% slump in Monolithic Power (NASDAQ:MPWR) Systems.
"Last week's moves were substantial, so expect some volatility and sideways trading until the new lawmakers are seated and policies become clear," Malek added.
The Dow Jones Industrial Average rose 374.85 points, or 0.85%, to 44,363.84, the S&P 500 gained 14.29 points, or 0.24%, to 6,009.83, and the Nasdaq Composite lost 12.66 points, or 0.07%, to 19,274.12.
Several stocks that gained following the U.S. election results continued their upward trajectory. Tesla (NASDAQ:TSLA) jumped 7.4% after touching $1 trillion in market value on Friday for the first time since 2022.
The EV maker gave a boost to consumer discretionary shares, with the sector at a record high.
The small-cap Russell 2000 jumped 1.6% to its highest level since last November and was near a record high, with the stocks expected to be a key beneficiary of President-elect Donald Trump's proposed tax cuts and on expectations of an easier regulatory environment.
"Assuming that Trump and Congress can deliver on even a few promised tax reforms and de-regulations, and if the economy stays healthy, it's reasonable to expect current trends to continue," said Mark Malek, chief information officer at Siebert.
The Nasdaq, however, retreated after hitting a record high as megacap stocks weighed. Information technology shares fell 1% and chip stocks were down 3%, led by a 21% slump in Monolithic Power (NASDAQ:MPWR) Systems.
"Last week's moves were substantial, so expect some volatility and sideways trading until the new lawmakers are seated and policies become clear," Malek added.
The Dow Jones Industrial Average rose 374.85 points, or 0.85%, to 44,363.84, the S&P 500 gained 14.29 points, or 0.24%, to 6,009.83, and the Nasdaq Composite lost 12.66 points, or 0.07%, to 19,274.12.
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