Donald Trump has won the presidency and businesses connected with him and his allies are soaring.
According to early financial reports, winners include banks, crypto-related stocks,and private prison companies.
All of the worst people in the financial game.
Republican presidential nominee, former U.S. President Donald Trump, takes the stage for his last rally of the election year at Van Andel Arena on November 05, 2024 in Grand Rapids, Michigan.© Photo by Chip Somodevilla/Getty Images
It was up on Monday but crashed so hard during the election that trading of the stock wasbriefly halted.
On November 3, it hit a low of $32.80 a share.
It jumped 10% in after-hours trading on Tuesday night as the early returns from the election favored Trump.
Crypto stocks also won big following Trumps election.
Bitcoin hit a new all-time high of $73,737, a surge of almost 10%.
Ether, Solana, and other cryptocurrencies followed suit.
Trump, led by his son Barron, is a very crypto-friendly president.
His campaignraised millionsin crypto donations.
On the campaign trail, Trump promised to make America thecrypto capital of the planet.
Elon Musk is also reaping the early rewards of Trumps victory.
Tesla stocks have gained ground all morning and are up15% as of this writing.
Musk went all in on Trump after an attempt on the president-elects life over the Summer.
He bet big on Trump winning.
It appears the bet is already starting to pay off.
Musk has teased hell be responsible for slashing government spending, but the details arent yet clear.
Private prisons also saw ahuge bumpin stock prices.
One of Trumps big campaign promises was the mass deportation of undocumented immigrants.
That kind of program will require a lot of infrastructure.
Camps, if you will, in which to concentrate large groups of people.
Its a good bet that private prisons are poised to make a lot of money off the project.
Overall, the stock market loves the Trump victory.
The dollar, yields on U.S. Treasury bonds, and the S&P 500are all up.
How long that will last is anyones guess.
EvenElon Musk has insistedTrumps policies will tank the U.S. economy.
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