Indexes extended their gains on Thursday, building on the momentum of Wednesday’s massive rally sparked by Donald Trump’s re-election victory. The Dow Jones Industrial Average rose modestly after its historic surge of over 1,500 points, marking a 3.6% jump — the biggest single-day gain in two years.
Bank and tech stocks led the rally, fueled by optimism around potential regulatory rollbacks and corporate tax cuts under Trump. Bitcoin also gained amid expectations of a pro-crypto administration stance.
Investors are closely watching the Federal Reserve’s decision later in the day, with markets widely expecting a 25-basis-point rate cut, following September’s 50-basis-point cut. However, future rate cut expectations are becoming less certain as the market adjusts to Trump’s second term, which could drive inflation if campaign promises on tariffs and immigration are enacted.
Market Snapshot (9:30 a.m. ET)
- S&P 500: 5,950.88, up 0.37%
- Dow Jones Industrial Average: 43,754.89, up 0.06% (+24.86 points)
- Nasdaq Composite: 19,114.17, up 0.69%
Commodities and Crypto:
- Oil: WTI crude down 0.5% to $71.30; Brent crude down 0.4% to $74.62.
- Gold: Up 0.8% to $2,697.40 per ounce.
- 10-year Treasury yield: Down three basis points to 4.396%.
- Bitcoin: Edged up to $74,891.
