Friday afternoon, when the stock market closed, we saw record highs and amazing growth for many indices and stocks. The S&P 500, Dow Jones Industrial Average, Tesla, and Bitcoin all had strong days. Let’s break them down.
S&P 500 & DJI
Let’s start with the indices, specifically the S&P 500. Throughout Friday, before the market closed, the S&P hit over $6,000, an all-time high. At close, it sits at $5,995.54.
The S&P broke to a new high on Friday
The finish was strong for the S&P, and many who are looking to invest in ETFs that are based off of the S&P should understand why it is such a strong investment move.
Moving to the Dow Jones, the day ended just below $44k, after hitting that market throughout the day. It also closes at near-record highs, as the stock market is quite strong today.
Tesla and Bitcoin
Tesla closed at $321.22 on Friday after it saw a resurgence last week with a strong earnings call, followed by strong speculation of quality company performance with the election of Donald Trump.
Tesla has seen a resurgence over the last 3 months, up 67.51%
Bitcoin hit a record high of over $77k today and is currently at $76.5k at the time of writing. While Bitcoin remains highly volatile, as we can see with its massive price gains and losses over the last six months, many who invested early are seeing quite the payoff.
Yesterday, we discussed the impact of elections on the stock market, concluding that it is difficult, if not impossible, to foresee what results will come based on one candidate’s election. Many may think that the election is having a strong impact on the market, and while that might be true in some areas, the market will even out. Tesla and Bitcoin may be seeing a boost due to the election of Donald Trump and his stated policies, but the stock market will slow down some growth. The Federal Reserve also announced more rate cuts this week, and many speculate that there will be more rate cuts before the year ends. All of this news comes to impact investors and traders, leaving them feeling more comfortable to put their investments into the market, thus the strong performance of certain indices and individual stocks.