Still Happy Faces on Wall Street

The trade development on the US stock exchange continued upward on Thursday – after having surged since Wednesday when it became clear that Donald Trump was elected as new president.

» Published: November 07 2024

Still Happy Faces on Wall Street
Photo: TT

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The US central bank, the Federal Reserve (Fed), also announced on Thursday that it is lowering its interest rate by 0.25 percentage points, and the rate is now in the range of 4.50-4.75 percent – and the stock market reacted calmly to the news.

The Nasdaq composite index was up 1.5 percent at the close, and the broad S&P 500 index was up 0.7 percent, while the Dow Jones industrial index was trading at zero.

Among the day's winners were, among others, media giant Warner Bros Discovery, up 11.8 percent, and taxi company Lyft, which increased by 22.9 percent.

Trump's own company, Trump Media & Technology Group, was up as much as 26 percent on Wednesday after the election results became clear and closed at 5.9 percent. However, on Thursday, the stock fell sharply and landed at minus 23.0 percent.

Tesla, with CEO Elon Musk, who was heavily involved in Trump's election campaign, also noted a sharp rise on Wednesday and maintained its level above zero on Thursday, up 2.9 percent.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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