More new records set in extended U.S. post-election rally
The S&P 500 and Nasdaq climbed on Thursday 7th November 2024, extending the rally following the victory of President-elect Donald Trump, while traders considered the implications of the Federal Reserve’s recent rate reduction.
The S&P 500 rose to close at an all-time high of 5,973.10, while the Nasdaq Composite increased by to end at 19,269.46, marking its first finish above 19,000.
The Dow Jones Industrial Average remained virtually unchanged, dipping slightly by less than one point to 43,729.34. During the trading session, all three indices reached new intraday highs.
Following President Trump’s electoral victory, the stock market experienced a significant rally on Wednesday 6th November 2024, with the Dow soaring by 1,500 points. The S&P 500 surged recording its best post-election day performance ever.
Post-election, the bond market has seen considerable fluctuations, with Treasury yields declining on Thursday after a sharp increase the previous day.