Stock market today: Dow, S&P 500 extend rally, Nasdaq wavers as bitcoin tops $84,000
Published On Nov 11, 2024, 10:21 AM
The stock market is experiencing a rally with the Dow Jones increasing by over 400 points, while the S&P 500 is up by 0.2%. The Nasdaq, however, is slightly fluctuating. The gains are driven by market optimism following the presidential election, particularly in relation to lower corporate taxes and deregulation expected under the incoming administration. Bitcoin has also hit a record high, trading close to $85,000, fueled by expectations for a pro-crypto environment under new leadership. Notable stocks such as Tesla and cryptocurrency trading platforms like Coinbase and Robinhood are seeing significant gains as well.
Stock Forecasts
TSLA
Positive
The positive trend in the stock market, especially in sectors linked to the new political regime, suggests continued growth. Tesla's stock is highly favored due to its strong performance and connections to the new administration. Bitcoin's surge indicates a robust crypto market, which may positively affect related stocks like Coinbase.
COIN
Positive
The optimism in financial markets regarding potential lower taxes and deregulation could result in further increases in related stocks. Given the strong performance of Coinbase amid increasing Bitcoin prices, the outlook for Coinbase remains very positive as well.
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