By Joe Wallace and Gunjan Banerji
Donald Trump's seismic election victory kept reverberating through markets, sending bitcoin prices surging above $84,000 and the Dow Jones Industrial Average above 44000 for the first time.
Investors have piled into stocks after the U.S. election, relieved that the contentious presidential contest is over and confident that Donald Trump's victory will lead to easier regulation and a flurry of dealmaking that will give markets a boost.
The optimism sent U.S. stocks to their best week of the year, and the gains continued Monday. The U.S. dollar strengthened, and major indexes continued their record run.
Shares of Tesla and Trump Media kept soaring, along with banks. The U.S. bond market was closed for Veterans Day.
Up ahead this week are October inflation data and earnings from companies including Home Depot and Disney. Traders are also on the alert for any hint of appointments or policy moves by the president-elect.
In recent trading:
Major indexes rose to fresh highs. The Dow industrials rose 0.7% and closed above 44000 for the first time. The S&P 500 and Nasdaq added 0.1%.
In corporate news, Cigna rallied after the health insurer said it wasn't seeking to buy Humana. Meantime, AbbVie slid after its experimental schizophrenia drug failed in trials, while rival Bristol-Myers Squibb surged.
Oil prices extended recent declines, with Brent crude slipping 2.8% to $71.83 a barrel. Traders expect U.S. output to rise to fresh records under Trump.
International stock markets were mixed. European indexes rose, as did mainland Chinese benchmarks, but Hong Kong's Hang Seng fell more than 1%.
Front-month gold futures fell 2.8% to $2,611.20 a troy ounce, the biggest one-day slide in more than three years.
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(END) Dow Jones Newswires
November 11, 2024 16:19 ET (21:19 GMT)
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