What To Know About The Republican National Convention: Trump Will Pick A Running Mate, MTG Will Speak—Melania Won’tThe Dow Jones Industrial Average rose 200 points, or 0.5% to a record high, while the S&P 500 jumped 0.4% and the tech-heavy Nasdaq gained 0.6% to just shy of their record intraday peaks set last week.
The most notable individual riser was Tesla, the electric vehicle titan helmed by the world’s richest person Elon Musk, as shares of the company gained 5% to over $260, the largest gain of any stock with a market capitalization over $60 billion, according to Yahoo Finance data. The gain for Tesla stock, which is up some 31% in July, comes two days after the firm’s chief executive Musk officially endorsed Trump, and analystsa Trump win in November can help Tesla as his proposed tariffs on Chinese imports should help Tesla maintain its dominant share in the U.S. electric vehicle market due to the potential blockade on cheaper Chinese cars.
Overseas stock market performance overseas was largely negative Monday, with Hong Kong’s Hang Seng declining 1.5% after China’s quarterly economic output growth wasOther assets linked to entities seen as beneficiaries of a Trump election also rallied, as bitcoin, the largest cryptocurrency, gained 3%, and the S&P’s energy and financial services sectors rose 0.6% and 0.
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