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15/07/24
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Global Stocks Higher as Investors Evaluate Prospects of Trump Win
On Monday, global stock indexes rose as investors evaluated the possibility of Republican Donald Trump winning the U.S. presidential election after he survived an assassination attempt during the weekend.
The Dow reached a record peak earlier, helped by upbeat earnings including from Goldman Sachs, which gained 1.6%.
Independent Advisor Alliance’s chief investment officer, Chris Zaccarelli, said in a Republican administration, there would be lower regulatory policy and lower tax policy, and that was normally good for stocks. He added there was currently some of that in terms of forward-looking expectations from investors.
Traders will also be focused on comments by Federal Reserve Chair Jerome Powell later today for any fresh cues on the chances of an interest rate cut in September.
The Nasdaq Composite gained 230.51 points, or 1.25%, to 18,628.96, the S&P 500 gained 49.73 points, or 0.89%, to 5,665.13 and the Dow Jones Industrial Average rose 304.21 points, or 0.76%, to 40,306.29.
MSCI’s index of global stocks rose 3.56 points, or 0.43%, to 832.11, and the STOXX 600 index dropped 0.91%.
Grim updates from watchmaker Swatch Group and British luxury group Burberry fueled questions about consumer confidence.
Tuesday’s U.S. retail sales data will likely be watched closely for cues on how consumers are doing.
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