Wall Street’s ‘Trump Trades’ Keep Powering Ahead: Markets Wrap

S&P 500 above 6,000, with small caps at highest since 2021
Bitcoin tops $87,000 mark; US dollar hits one-year high

WATCH: There is a belief that Chinese policymakers “maybe they’re holding back, maybe they’re waiting for the Trump administration to start,” says Andy Maynard of China Renaissance Securities.Source: Bloomberg

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By Rita Nazareth

November 10, 2024 at 10:22 PM UTC

Updated on

November 11, 2024 at 9:50 PM UTC

This article is for subscribers only.

Stocks rose for a fifth straight session, Bitcoin topped $87,000 and the dollar hit a one-year high, with investors continuing to bet those trades will benefit from President-elect Donald Trump’s agenda.

Economically sensitive shares outperformed, with the Russell 2000 index of smaller firms climbing 1.5% to the highest since 2021. A closely watched gauge of banks rose 2.4%. Most big techs fell, with Nvidia Corp. down 1.6%. Tesla Inc. jumped 9%, extending a blistering surge. An equal-weighted version of the S&P 500 — where the likes of Apple Inc. carry the same heft as Dollar Tree Inc. — beat the US benchmark. That gauge is less impacted by the largest companies — providing a glimpse of hope the rally will broaden out.