U.S. stocks ripped higher and carried the S&P 500 to records as the economy kept growing and the Federal Reserve began cutting interest rates.
The number of all-time highs the S&P 500 has set so far this year. The first came early, on Jan. 19, when the index capped a two-year comeback from the swoon caused by high inflation and worries that high interest rates instituted by the Federal Reserve to combat it would create a recession. But the index was methodical through the rest of the year, setting a record in every month outside of April and August, according to S&P Dow Jones Indices. The latest came on Dec. 6.
That’s how many points the Dow Jones Industrial Average rose by the day after Election Day, as investors made bets on what Donald. The more widely followed S&P 500 soared 2.5% for its best day in nearly two years. Aside from bitcoin, stocks of banks and smaller winners were also perceived to be big winners. The bump has since diminished amid worries that Trump’s policies could also send inflation higher.
It's a favorite number of Elon Musk, and it's also a threshold that Tesla's stock price passed in December as it set a record. The number has a long history among marijuana devotees, and Musk famously said in 2018 that he had secured funding to take Tesla private at. Tesla soared this year, up from less than $250 at the start, in part because of expectations that Musk's close relationship with Trump could benefit the company.
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Source: CNBC - 🏆 12. / 72 Read more »