UNITED STATES—On November 6, the stock market soared following the 2024 election of Donald J. Trump. U.S. Stocks rose higher on Thursday before the Federal Reserve announced that overnight stock hit a record high on election night.
On November 7, the Dow Jones Industrial Average was down 24.32 points, less than 0.06 percent and the Nasdaq composite was up by 233.06 points, or 1.23 higher.
One leader in the market was Ralph Lauren, rising 6.1 percent and a Healthcare services company, McKesson leapt to 11.3 percent.
MarketWatch indicated that a multitude of Americans were staring in awe at their screens as they watched their portfolios grow.
Online brokerages that offer 24-hour trading saw a significant surge on election night. Robinhood Markets Inc. indicated that the volume was 11 times its normal overnight volume. The following came directly from the MarketWatch website:
“According to a recent interview with MarketWatch, Blue Ocean sees roughly 30 to 40 million shares traded on its ATS on a given night. That means volume was up around 100 times more than usual on election night, a significant jump.
On November 7, Investopedia reported the following:
“The S&P 500 and Nasdaq Composite rose 0.7% and 1.5%, both hitting intraday and closing record highs, while the Dow Jones Industrial Average closed fractionally lower after hitting an all-time high during Thursday’s session. Stocks were coming off their best one-day performances since 2022 on Wednesday following Donald Trump’s decisive victory in the presidential election.”
Ralph Lauren was one of the market’s leaders and galloped 6.1% higher after customers in Asia and Europe helped it deliver a bigger profit for the latest quarter than expected. Healthcare services company McKesson jumped 11.3% after likewise reporting a stronger profit for the latest quarter than analysts expected.
