NEW YORK/LONDON, Nov 8 - Wall Street shares hit record highs for a third consecutive day while Treasury yields retreated on Friday, as investors again cheered Donald Trump's decisive victory, while China kicked off a fresh round of fiscal support for its flagging economy.
Shares of electric car maker Tesla , whose Chief Executive Elon Musk became one of Trump's biggest supporters in the last leg of his reelection campaign, shot up 5.6%, catapulting its market capitalization to $1 trillion for the first time since 2022. "What you are going to get because of the clean sweep - is a mandate to improve the U.S. economy. So, taxes will come down, bureaucracy will ease and regulation will become lighter," said Guy Miller, chief markets strategist at Zurich Insurance Group.Germany's DAX stock index fell 0.8% a day after posting its best daily performance of 2024 so far , helped by expectations that Germany could scrap its debt brake.
"Unless there's more to come later this evening, today's fiscal announcement is another disappointment for those expecting substantial stimulus," said Capital Economics chief Asia economist Mark Williams.