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Stocks Surge Following Donald Trump's Election as 47th President of the USA
BUSINESS ECONOMICS
|December 01 - 31, 2024
Stocks soared following the election of Donald Trump as the 47th President of the United States. Investors anticipated that the Information Technology (IT) sector would benefit from lower corporate taxes under the Republican regime, with IT stocks leading the rally.
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Continuing its upward momentum into the second day, the BSE Sensex surged 901.50 points, closing at 80,569.13.
During intraday trading, it soared 1,093.1 points, briefly reaching 80,569.73. Meanwhile, the NSE Nifty gained 270.75 points, ending at 24,484.05.
The U.S. stock market, including shares of Tesla and banks, also experienced significant gains as investors speculated that Trump's return to the White House would positively impact the economy.
Shares in Tesla, backed by CEO Elon Musk, surged by as much as 13% at the start of trading in New York. The S&P 500 and Dow Jones Industrial Average reached all-time highs, with the Nasdaq also climbing.
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