On November 11, 2024, U.S. stocks experienced a positive trend on Wall Street, with the Dow Jones Industrial Average closing at a record high of 44,293.13, up 304.14 points or 0.7%. The S&P 500 rose by 0.1%, while the Nasdaq composite also increased by 0.1%.
Tesla, led by Elon Musk, emerged as a significant contributor to the S&P 500's upward movement. The market's rally follows Donald Trump's recent presidential victory and the Federal Reserve's decision to cut interest rates by 25 basis points.
Bitcoin reached a historic high, surpassing $87,000, reflecting optimism surrounding Trump's potential influence on cryptocurrency regulations. Wall Street banks, including JPMorgan Chase, Goldman Sachs, and Citigroup, also saw gains amid expectations of a more favorable banking regulatory environment.
In contrast, AbbVie’s stock fell 12% after disappointing results from its schizophrenia treatment trials, and Sapiens International's stock dropped 26% due to lowered revenue guidance.
This week, investors are focused on upcoming consumer price index data for October, which will provide insights into inflation trends and the Federal Reserve's future monetary policy.