U.S. and global stock markets continued their climb for the sixth day in the wake of President-elect Donald Trump’s victory over former Secretary of State Hillary Clinton.
U.S. markets hit an all-time record high after opening Monday, but gains were hampered in afternoon trading due to downward pressure from the technology industry. Technology firms did not perform as well Monday afternoon. Apple stock fell around 2.5 percent, Amazon fell nearly 2.7 percent, and Facebook was down nearly 3.5 percent. Gains were not entirely wiped out, in spite of pressure from the technology sector.
Financial stocks (like Bank of America and Wells Fargo) performed very well, possibly owing to expectations that the incoming Trump administration will deliver higher interest rates, likely bolstering financial markets.
The Down Jones Industrial average, which celebrated its best week in five years Friday, experienced a 21.03 percent increase in value from where it opened Monday. The Dow rose almost 1,000 points in the days following presidential elections. The Dow Jones Total Stock Market Index, an index weighted by full market capitalization, opened Monday morning at 22,471.01, hitting a day trading high of 22,551.09. The total market index Monday afternoon posted at 22,488.92.
The brunt of the blow back from the technology sector fell on the S&P 500 and the NASDAQ Composite Index.
S&P 500 opened strong at 2165.64, and hit a trading high Monday at 2,171.36. The index closed reporting a marginal net loss in day trading value Monday afternoon, reporting a 0.25 percent decrease in value from where it opened that morning.
The NASDAQ made marginal gains in the early morning, opening at 5,246.33 and hitting an intraday trading high of 5,247.17. It closed, however, down over 18 percent in day trading Monday afternoon. The NADSAQ closed at 5,218.40.
Global markets also fared well Monday.
Japan’s NIKKEI 225 Index opened at 17,467.49 and hit a day trading high of 17,697.33. The British stock index, the FTSE 100, opened at 6730.43 and posted at 6,758.65 as of 4:30 Monday afternoon.
Futures markets also reacted to the Trump election Monday. Crude-oil futures opened at $43.20 and rose to $43.62 Monday afternoon. Gold futures, on the other hand, did not fare as well. Gold opened at 1227.70 and fell to 1221.60.
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