Crazy surge: indices and crypto at new highs!

12 November 2024

In recent days, the cryptocurrency market has experienced a surge in interest following Donald Trump’s election, as he aims to make the United States a global crypto industry leader. His plans to dismiss Gary Gensler, the Chair of the Securities and Exchange Commission (SEC) known for his stringent digital asset regulations, have had a noticeable impact on the market. As a result of this news, Bitcoin (BTCUSD) hit a new record, temporarily reaching $89,600.

At the same time, U.S. indices staged an impressive rally, breaking records: the S&P 500 (#SP500) surged 4.66% over the week, crossing the $6,000 mark, while the Dow Jones Index (#DJI30) jumped 5.23% at its peak, exceeding $44,300!

Investor optimism is tied to a 25-basis-point rate cut by the Fed, as inflation approaches the target rate of 2% (2.4% in September), along with expectations of corporate tax reductions and regulatory easing under President Donald Trump. Several factors are aligning for further growth across the American market:

• Financial services sector: U.S. bank stocks are rising with Trump’s victory, as his promises to reduce inflationary pressures and provide tax benefits are already yielding results. Shares of major banks have shown growth of 10% to 13%! Among the top gainers: Goldman Sachs (#GoldmanSac), Bank of America (#BankAmer), Morgan Stanley (#MorganStan), and JPMorgan (#JPMorgan). All are available in our trading terminal!
• Support from the Fed: On Thursday, the Central Bank cut interest rates by a quarter-point. Fed Chair Jerome Powell noted in a press conference that the U.S. economy “is in good shape.” As reported by CNBC, investors generally see a Republican-controlled government as more favorable.
• Trump rally: The SP500 and DJI30 posted their best week since November 2023. Several Trump-related stocks have once again shown solid performance. Tesla (#Tesla), whose CEO Elon Musk was involved in the newly elected president’s campaign, rose by 8.2%, marking four consecutive positive sessions.
• Analyst predictions: The Republican victory has pushed U.S. Treasury yields to a four-month high of 4.5%, while bank and tech stocks are climbing. Major analytical agencies are confident that, following reforms by the current U.S. president, the market will gain even more momentum.

FreshForex analysts have repeatedly forecasted the rise of indices and cryptocurrencies and remain confident in the upcoming growth of the entire U.S. market!

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