The U.S. stock market, Elon Musk’s Tesla, banks and bitcoin are storming higher as...
NEW YORK — The U.S. stock market, Elon Musk ’s Tesla , banks and bitcoin are all storming higher Wednesday as investors bet on what Donald Trump ’s return to the White House will mean for the economy and world. Among the losers the market sees: the Mexican peso, solar-power companies and potentially anyone worried about higher inflation. The S& P 500 was up by 1.8% in morning trading and on track to top its all-time high set last month. The Dow Jones Industrial Average was up 1,315 points, or 3.
up Musk has become a close ally of Trump, exhorting the former president’s run. While Trump may end up hurting the electric-vehicle industry broadly by pulling government subsidies, analysts say Tesla could gain somewhat of an advantage by already being such a big player in an industry. Tesla revved 11.8% higher, while rival Rivian Automotive fell 6.4%.
down Investors see Trump’s policies potentially leading to stronger economic growth, which helps push prices down for Treasurys and their yields up. Tax cuts under Trump could also push the U.S. government’s deficit higher, which would increase its borrowing needs and force yields even higher. The yield on the 10-year Treasury jumped to 4.45% from 4.29% late Tuesday, which is a major move for the bond market. It’s up substantially from August, when it was below 4%.
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