Trump's victory boosts market confidence, U.S. stocks achieve the best weekly performance of the year

Zhitong
2024.11.09 00:13
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Trump's victory boosts market confidence, and U.S. stocks achieve their best weekly performance of the year. The S&P 500 index rose for the fourth consecutive trading day, briefly breaking through 6,000 points during the session, with a weekly gain expanding to 4.7%. On Friday, U.S. stocks closed higher amid robust consumer confidence data and optimistic expectations for Trump's economic agenda. On that day, $20 billion flowed into U.S. equity funds, with small-cap stocks attracting the largest inflow of funds since March. Market strategists indicated that this psychological milestone could attract more investors

According to Zhitong Finance APP, U.S. stocks ended the week on a high note, marking the best performance in over a week, supported by robust consumer confidence data and expectations that Trump's economic agenda will continue to drive growth. On Friday, the S&P 500 index rose for the fourth consecutive trading day, briefly surpassing the 6,000-point mark, setting a record high for the 50th time this year; the weekly gain expanded to 4.7%.

Bank of America strategist Michael Hartnett cited data from EPFR Global in a report, stating that on the day Trump announced his victory, as much as $20 billion flowed into U.S. equity funds, the highest level in five months. Additionally, small-cap stocks, which are expected to benefit from Trump's protectionist stance, attracted the largest inflow of funds since March.

The S&P 500 index briefly surpassed the 6,000-point mark. Clark Geranen, Chief Market Strategist at CalBay Investments, stated, "This is a significant psychological milestone that may attract more investors' interest in the stock market, as there is still a large amount of money in money market funds and the bond market on the sidelines." Although the post-election rally in U.S. stocks may continue, Clark Geranen noted that he would not be surprised if the stock market took a breather before rising again by the end of the year.