Crypto companies were among the big winners on the New York stock exchanges on Monday. Companies such as crypto exchange Coinbase and crypto miners such as Mara Holdings and Riot Platforms rose up to 14 percent, thanks to the continued rise of bitcoin.
Bitcoin and other digital currencies have risen sharply in value since Donald Trump’s victory in the American presidential elections. Trump has promised, among other things, more flexible regulation of cryptocurrencies.
Tesla, which is led by Trump supporter Elon Musk, also rose further and climbed more than 7 percent. The manufacturer already rose more than 8 percent on Friday, seeing its stock market value rise above 1,000 billion dollars for the first time since 2022. Investors expect Tesla to benefit from a new term for Trump.
The overall mood on Wall Street was again positive, after the strong advance last week that followed Trump’s election win. Shortly after the market opened, the Dow Jones index was 0.7 percent higher at 44,293 points. The main index touched the 44,000 point mark on Friday for the first time in history. The S&P 500 index gained 0.4 percent to 6,015 points and tech indicator Nasdaq rose 0.3 percent to 19,343 points. Both indicators closed at new record levels on Friday.
The S&P 500, the index of the five hundred largest American companies, gained 4.7 percent last week and briefly touched 6,000 points for the first time. Investors hope that Trump will cut taxes for companies and relax rules for businesses.
This week the focus will be on US retail sales and inflation. Inflation plays an important role in the Federal Reserve’s interest rate policy.
