Donald Trump election win turbocharges stocks, cryptocurrency and Trump Media

📆 11/6/2024 7:22 AM
📰 CBSNews

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Kamala Harris,Stock Market,Donald Trump

Stocks and cryptocurrency prices set to power higher after Donald Trump is projected winner in U.S. presidential election.

Donald Trump's projected victory at the polls is giving a fresh boost to stocks.Dow futures soared nearly 1,400 points, or 3.2%, lifting the blue-chip market into record terrain before the start of trade on Wednesday. S&P 500 futures were up more than 2%, while the tech-heavy Nasdaq Composite also looked set to open strong. Cryptocurrency is also surging as investors bet that the second Trump administration will benefit the volatile sector.

'Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,' he added.The Republican Party's electoral success on Tuesday, which included winning control of the Senate, is also benefiting Trump's personal finances by boosting the stock price of Trump Media & Technology Group.

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