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

Published On Nov 11, 2024, 11:27 AM

The Dow Jones surged over 400 points (around 1%) as part of a rally following the recent elections, with the S&P 500 also seeing gains of 0.25%. However, the tech-heavy Nasdaq slipped 0.1% with stocks like Nvidia and Apple lagging behind. Investors are optimistic due to expectations of lower corporate taxes and deregulation from the incoming Trump administration, alongside recent Federal Reserve rate cuts. On the cryptocurrency front, Bitcoin reached a record high above $83,000, buoyed by hopes for supportive policies from the new government. Stocks related to cryptocurrencies, such as Coinbase and Robinhood, saw significant increases of 13% and 8% respectively. Tesla's stock climbed over 8%, reflecting positive sentiment towards the electric vehicle sector amid the changing political landscape. Nevertheless, concerns are emerging regarding the sustainability of the stock market rally as traders await inflation data that could influence future Federal Reserve actions.