Shares of the company behind Donald Trump’s Truth Social platform rose by a third amid a broader jump in investor hopes that he will return to the Oval Office.
O Trump Media & Technology Group was one of the most traded stocks on Wall Street during Monday’s session.
It was the first chance investors had to react to his Saturday night murder scare.
The show of support saw Trump Media gain 30% at the opening.
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A broader U.S. stock market rally has been attributed to a “Trump trade.”
Market commentators credited the prospect of a large sympathy vote for the Republican presidential candidate – who plans to return to the White House in the November election, having previously served as president from 2017-2021.
They were said to be banking on a greater chance of him winning a second term as a result.
The S&P 500 and Dow Jones Industrial Average reached new record highs as hopes grew for future investor-friendly policies such as extended tax cuts and looser regulation.
Bob Savage, head of market strategy and insights at BNY Mellon, said: “The narrative of the day is based on the ‘Trump Trade,’ with many investors assuming that the weekend’s events contribute to the former president’s re-election. “
Others suggested the shooting could take some of the pressure off US politics.
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Neil Wilson, chief markets analyst at Finalto, wrote: “Trump was already riding high after the debate… the weekend’s events only increase the certainty that he will win in November.
“It also makes it almost impossible to imagine Biden leaving office now.”
“Trump is talking about uniting the country. We could see a change.”
On this side of the Atlantic, the investor mood was less optimistic.
The FTSE 100 closed almost 0.9% lower at 8,182.
Burberry was the one that fell the most, with a drop of 16%, after a weak trading update What led the luxury brand to cancel was the dividends.
Shares of mining and financial companies also weighed.
This story originally appeared on News.sky.com read the full story
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