Stocks rally on election result: tech and solar gain, Musk stocks weaken
The election results in the USA boosted Wall Street on Wednesday. The Dow-Jones Index rose by 3.0 percent to 53,356 points, the S&P 500 gained 1.6 percent and reached 7688 points, while the Nasdaq increased by 1.4 percent to 25,736 points. Analysts attribute the positive development to the contained uncertainty following the election outcome.
Some areas of the technology industry showed different reactions. While Microsoft gained 6.7 percent and Amazon 6.1 percent, shares of data center operators such as Hut 8 lost 23 percent and IREN lost eleven percent. The Philadelphia Semiconductor Index fell to a six-month low.
The shares of Tesla and SpaceX, both companies led by Elon Musk, lost 3.3 and 3.9 percent respectively. In contrast, solar and renewable energy companies benefited from the positive sentiment, with the Invesco Solar ETF rising by almost six percent. A falling oil price supported the general positive market development.
Also, defense stocks such as Northrop Grumman and Lockheed Martin came under pressure, as investors fear a possible reduction in the defense budget in the now democratically controlled Congress.
Source
“Tesla und SpaceX fallen: Sieg der Demokraten beflügelt Wall Street”
Read the original report (in German) ↗This story was written with the help of AI from the original report credited above and published after automatic checks. No person read it before publication. Errors reported to us are corrected and listed on our corrections page. Read our editorial policy · Report an error · Corrections
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