Oil prices declined and bitcoin raced to a new record high in the Wall Street trade for the consecutive second week.
Monday’s trade saw euro dropping an all time low in 6-1/2 months against the dollar.
Elon Musk’s Tesla climbed 8.4 per cent. Stocks of Goldman Sachs and JP Morgan Chase jumped 2.7 per cent and 1.5 per cent, respectively. Trump Media & Technology Group stock rose 4.1 per cent.
World’s largest cryptocurrency bitcoin soared above $82,000 for the first time. It hit a record of $82,493 in early trading, according to CoinDesk.
The Dow Jones Industrial Average rose 0.92%, to 44,395, the S&P 500 gained 0.20% to 6,007 while the Nasdaq Composite fell 0.11%, to 19,265.
Stocks head towards year-end on strong benchmark S&P 500 index up about 26% year-to-date as AI enthusiasm and the start of Fed rate cuts support an upbeat outlook.
“Donald Trump’s victory drove (stock) indices to new all-time records with small caps outperforming sharply and hitting highs not seen since October 2021,” investment firm Edmond de Rothschild said in a note, which added that many of the price shifts were “volatile, speculative and sometimes disconnected from fundamentals.”
Focus will be on American consumer price inflation data on Wednesday, as well as a raft of other data this week for more indications on the health of the economy and outlook for interest rates.
The dollar traded close to last week’s four-month peak versus other major currencies.
The Republican party is edging closer to sweeping both chamber of Congress, taking the Senate on election night and with Edison Research projecting it so far to have 214 seats of 218 needed for control of the House, compared to 205 for Democrats.
Traders will be watching Wednesday’s consumer price data for stickiness that could scupper the chances of an interest rate cut at the Federal Reserve’s next meeting in December.
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Markets currently lay about 65% odds for a quarter-point reduction on Dec. 18, according to CME Group’s FedWatch Tool.
Trump’s victory has pushed bitcoin to the new high above $82,370 spurred on by expectations of a lighter regulatory environment. Bitcoin last traded around $82,300.
