Stock market today: Dow jumps 200 points to hit all-time high | July 15, 2024
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US stocks gained ground Monday as investors wagered that presidential candidate Donald Trump is now more likely to reclaim the White House after an unsuccessful assassination attempt strengthened his chances of victory.
The Dow Jones Industrial Average (^DJI) rose about 0.4%, closing at a new all-time high above the 40,000 threshold. The S&P 500 (^GSPC) added about 0.3%, just below a record finish, while the tech-heavy Nasdaq Composite (^IXIC) gained 0.4%.
Stocks are building on a roaring rally as second-quarter results from more big US banks rolled in. Goldman Sachs (GS) reported a profit surge of 150% amid investment banking strength, a sign that Wall Street is rebounding from a two-year drought. Shares rose about 2.5%. Meanwhile, BlackRock's (BLK) profit beat estimates as assets under management hit a record of $10.6 trillion.
But the market was focused on the potential fallout from the assassination attempt on Trump at a rally on Saturday. Bets ramped up on a win in November's presidential election for the Republican frontrunner, seen as likely to cut taxes, raise trade tariffs, and ease up on regulation.
The benchmark 10-year Treasury yield (^TNX) was up 4 basis points to trade at around 4.2%, while the 30-year yield gained (^TYX) to steepen the yield curve. The dollar (DX=F) edged up, and bitcoin (BTC-USD) surged to a two-week high amid speculation about a coming Trump victory.
Meanwhile, shares of Trump Media & Technology (DJT) ended the day more than 30% higher. Crypto-related stocks also got a boost.
Investors also took stock of remarks from Fed Chair Jerome Powell, who spoke at an event in Washington, D.C., on Monday and reiterated that recent inflation readings show progress in the fight against inflation. His speech appeared to reinforce market expectations that rate cuts will arrive as soon as September.
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