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Home»Stock Market»Stocks Up as Trump Picks VP in Generational Shift: Markets Wrap
Stock Market

Stocks Up as Trump Picks VP in Generational Shift: Markets Wrap

July 15, 2024No Comments2 Mins Read
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Stocks surged following the news of an assassination attempt on Donald Trump, which boosted his chances of winning the presidency. Trump selected JD Vance as his running mate, a move that injected fresh energy into the Republican campaign.

The Dow Jones Industrial Average hit a record high, while Trump Media & Technology Group Corp. and Rumble Inc. saw significant gains. Oil producers, gun makers, and private prisons also benefited from Trump’s increasing odds of victory. The pro-cryptocurrency stance of the Trump campaign lifted the industry, while Tesla Inc. rallied after receiving endorsement from Elon Musk.

The appointment of JD Vance, who is 39 years old, as Trump’s running mate is seen as a strategic move to appeal to working-class voters in battleground states like Michigan, Wisconsin, and Pennsylvania. Analysts point out that historically, one-third of US presidents have previously served as vice president, making Vance a potential successor to Trump in delivering a populist message to a younger generation of voters.

The S&P 500 index reached 5,630, with Apple Inc. hitting a new high. The Russell 2000 index of smaller firms also saw a significant increase. Goldman Sachs Group Inc. reported a surge in profits, while Macy’s Inc. faced a decline after ending buyout talks.

In the midst of these developments, traders were closely watching Federal Reserve Chair Jerome Powell’s comments on inflation. The market reaction to Trump’s assassination attempt was relatively muted, with investors remaining focused on economic and earnings data.

Overall, the market seemed less concerned about the upcoming elections and more interested in economic indicators. Election years have historically been positive for stocks, with the S&P 500 recording gains in almost every election year since 1960.

Corporate news highlights included BlackRock Inc.’s record-breaking asset growth, Google parent Alphabet Inc.’s potential acquisition of cybersecurity startup Wiz Inc., and International Business Machines Corp.’s antitrust review of its takeover of HashiCorp Inc.

Key events to watch this week include US retail sales data, earnings reports from Morgan Stanley and Bank of America, and the European Central Bank’s rate decision.

In summary, the market reacted positively to the news of Trump’s assassination attempt and his selection of JD Vance as running mate, with stocks surging and key indices reaching new highs. The impact of these developments on various sectors and industries remains to be seen as the election season progresses.

Generational markets picks Shift stocks Trump Wrap
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