Stock market today: Dow, S&P 500 extend rally, Nasdaq slips as bitcoin tops $83,000

Published On Nov 11, 2024, 10:56 AM

The stock market is experiencing a rally post-election with the Dow Jones Industrial Average rising over 400 points (approximately 1%) and the S&P 500 seeing slight gains. The Nasdaq Composite, however, dipped by 0.1%. The market is buoyed by expectations of tax cuts and deregulation under President-elect Trump. Bitcoin hit a record high over $83,000, spurring gains in cryptocurrency-related stocks such as Coinbase and Robinhood. Tesla's stock rose significantly, fueled by optimism regarding its future under a Trump administration. Despite the rally, some analysts raise concerns about its sustainability, especially pending inflation data.

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Stock Forecasts

TSLAView TSLA chart on TradingView

Positive

The strong rise in the Dow and S&P 500 indicates continued investor confidence, particularly driven by political changes and monetary policy. However, the tech sector's struggle, particularly the performance dips in key stocks like Nvidia, suggests potential volatility ahead. Bitcoin's rise may signal further interest in cryptocurrencies, but it also introduces speculative risks in the equity market.

COINView COIN chart on TradingView

Positive

With the cryptocurrency market booming and Bitcoin attaining impressive highs, companies involved in crypto trading, like Coinbase, may see significant growth opportunities. However, market stability will ultimately depend on inflation data and fiscal policies, which could affect investment flows into these sectors.

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