Sunday, February 23, 2025

Trump-Linked Stocks Soar as Wall Street Shakes Off Assassination Attempt

Yonhap News

The attempted assassination of former US President Donald Trump did not cause the anticipated shock to the financial markets.

On the 15th, the first trading day following the assassination attempt on Trump, the three major indices of the New York stock market all rose.

The Dow Jones Industrial Average, composed of 30 large-cap stocks, broke its record by rising 325p (0.8%) to 43,260 by noon compared to last weekend.

The Standard & Poor’s (S&P) 500 best reflects market conditions and set a new all-time high by rising 38p (0.7%) to 5,653.

The tech-heavy Nasdaq also jumped to 18,540, up 143p (0.8%).

On this day, stocks related to Trump surged in the stock market.

Trump Media (DJT), the parent company of Trump’s social media platform Truth Social, soared to $40.00, up $9.1 (29.5%) from last weekend.

Tesla also jumped to $258.91, up $10.7 (4.3%).

Although electric vehicles were initially expected to face disadvantages if Trump took office, their stock prices soared due to expectations of benefits. Immediately following the assassination attempt on Trump, Tesla CEO Elon Musk declared his full support for him.

Tesla is also expected to expand its market dominance if electric cars struggle under Trump.

Treasury yields rose.

The yield on the benchmark 10-year US Treasury note recorded 4.211%, up 0.025 percentage points.

Investors believe that Trump has virtually secured his victory in the November 5th election due to this assassination attempt.

There are significant concerns that if Trump takes office again, the issuance of US Treasuries will increase significantly due to tax cuts and lax fiscal management.

The dollar was expected to rise in value against major currencies, but this movement did not materialize in the New York foreign exchange market.

Contrary to expectations that demand for the dollar would increase in the foreign exchange market due to a preference for safe assets, the dollar actually fell in value against the euro.

The euro recorded $1.0911, up 0.05% per dollar.

The dollar index, which represents the dollar’s value against major currencies, was 104.11, with no significant difference.

However, experts predict that the dollar will strengthen over time.

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