Stock Market Update Monday November 11, 2024 The Dow surged 300 points, breaking above the historic 44,000 mark for the first time, propelled by ongoing enthusiasm surrounding Trump's influence on market sentiment. Meanwhile, Bitcoin stole the spotlight, rocketing over 10% to approximately $88,000, marking an impressive 30% climb within the past week, as bullish momentum continued in the cryptocurrency sphere. Equities closed mostly in positive territory, though gains were muted with the S&P 500 hovering near the flatline. Tesla shares rallied by 6%, extending its post-election upswing, So it begins TSMC shares faced pressure, dropping after reports that the U.S. government had ordered a halt on AI chip exports to China, stirring fresh concerns over geopolitical trade tensions.
Away From Stocks: Energy sector saw WTI crude slide to $68 per barrel amid cooling demand. In metals, gold pulled back to $2,621 per ounce as risk appetite tilted toward growth assets. The bond market observed Veterans Day with a closure, though the iShares 20+ Year Treasury Bond ETF (TLT) edged down by 0.5%, reflecting mild pressure on long-duration Treasuries.
