Daniel Niles, founder and portfolio manager of Niles Investment Management, makes a bullish case for the stock market on how to make money.
Investors continued to pour money into U.S. stocks, setting new records following President-elect Donald Trump’s historic White House victory.
The Dow Jones Industrial Average hit a record high for the 43rd time this year, closing above 44,000 for the first time in history.
Dow Jones Industrial Average
The S&P 500 index also closed above 6,000 for the first time this year, marking its 51st record close, while the tech-heavy Nasdaq posted its 32nd record close.
Ticker Security Last Change Rate of Change % I:DJI Dow Jones Average 44293.13 +304.14 +0.69% SP00 No data – – – I:COMP NASDAQ Composite Index 19298.763253 +11.99 +0.06%
In the S&P consumer staples sector, financial and industrial stocks continued to rise, while real estate, health care, and tech stocks declined slightly.
Ticker Security Last Change Change % XLY Consumer Choice Sector SPDR ETF 219.46 +4.34 +2.02% XLF Financial Select Sector SPDR ETF 49.89 +0.70 +1.42% XLI Industrial Select Sector SPDR ETF 143.19 +1.10 +0.77% XLRE THE Real Estate Select Sector SPDR ® Fund – USD DIS 43.53 -0.38 -0.87% XLV Healthcare Select Sector SPDR ETF 149.30 -0.88 -0.59% XLK Technology Select Sector SPDR ETF 235.85 -1.31 -0.55%
Mr. Trump, who won the popular vote and electoral votes, ran on a platform of being pro-business, deregulation, smaller government, and lower taxes, among other things.
He began assembling his team on Monday evening. Former New York Congressman Lee Zeldin will join President-elect Donald Trump’s administration as head of the Environmental Protection Agency (EPA), it has been announced. Tom Homan became his new border czar, and New York Congressman Elise Stefanik was appointed U.S. ambassador to the United Nations.
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Ark Invest investor Cathie Wood said the incoming Trump administration could benefit more economically than President Ronald Reagan, who cut taxes and reduced the budget deficit in the 1980s.
“Deregulation (shutdown of the SEC, FTC, etc.), government spending cuts (giving room to the private sector), tax cuts, and a focus on technologically enabled innovation will accelerate the U.S. economy more powerfully than during the Reagan Revolution.” ” she explained in a video message posted to X.
Tesla, run by President Trump’s top advisor Elon Musk, rose another 9%, taking its market capitalization to more than $1 trillion.
“We believe that President Trump’s victory will revolutionize the self-driving and AI story for Tesla and Musk in the coming years,” Wedbush analyst Dan Ives said in a note to clients. We are raising our price target from $300 to $400.” . The company’s market capitalization could reach $2 trillion in the next 12 to 18 months, he added.
Tesla’s valuation reaches $2 trillion
The company’s AI and self-driving opportunities are worth “$1 trillion for Tesla alone, and like the web of federal regulations that Musk & Co. has encountered over the past few years, these important initiatives will continue to grow under President Trump.” “We fully expect that FSD (fully self-driving)/autonomous driving will be cleared to a large extent under the new Trump era,” he said.
Tesla Inc. CEO Elon Musk and former U.S. President Donald Trump step down before an election event at the Butler Farm Show in Butler, Pennsylvania, U.S., Saturday, Oct. 5, 2024. (Justin Merriman/Bloomberg via Getty Images/Getty Images)
Trump’s victory also pushed Bitcoin to a new record. The largest cryptocurrency by market capitalization topped $88,000 late Monday, hitting a new inflation-adjusted all-time high as investors embrace what is expected to be his pro-crypto agenda.
Crypto industry’s total election spending will be at least $238 million, more than traditional large corporations
Natalie Brunel, host of the podcast Coin Stories, appeared on Making Money with Charles Payne and said, “It turns out there’s no government ban.In fact, the United States is buying Bitcoin.” It is likely that they will start to do so.” “Everyone is waking up to the fact that Bitcoin is not just here to stay. Bitcoin will one day be in every portfolio, every company’s balance sheet, and every country’s reserves. “It will be,” she added.
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Ticker Security Last Change Change % MSTR MICROSTRATEGY INC. 340.00 +69.58 +25.73% COIN COINBASE GLOBAL INC. 324.24 +53.50 +19.76% HOOD ROBINHOOD MARKETS INC. 32.80 +2.26 +7.40%
Bitcoin’s rise has also given momentum to companies in the Bitcoin space, including Microstrategy, Coinbase, and Robinhood.
