US Stocks Hit Record Highs as S&P 500 Tops 6,000, Dow Crosses 44,000 After Trump Win

Nov 11, 2024, 09:31 AM

US stocks experienced their best week of 2024 following Donald Trump's victory in the 2024 presidential election. Major indices reached record highs, with the S&P 500 surpassing 6,000 points for the first time and closing at a record high. The Dow Jones Industrial Average crossed 44,000 for the first time, closing at 43,988.99. The Nasdaq Composite also rose more than 4.5% during the week. The S&P 500 has increased by 46% in 13 months, adding $15 trillion to reach a market capitalization of $50 trillion since October 2023. Bitcoin topped $77,000. Despite the rally, US technology funds saw record outflows of $5 billion over the last four weeks, raising questions about the hottest sector in the S&P 500. Investors dumped US tech stocks, possibly de-risking before the election or anticipating larger shifts. Options traders are now positioning for an extended rally as stock-market volatility forecasts have dropped faster than expected after the US presidential vote.