Following former President Donald Trump’s speech at the Republican National Convention, the Dow Jones Industrial Average soared, gaining 730 points, or 1.8 percent.
This increase marks its highest point since last June and extends its positive streak to five days.
This rally reflects a good day for the markets, which seemed to react positively to the kickoff of the GOP convention, where Trump delivered a speech that resonated with investors.
The Standard & Poor’s 500 Index also gained, though modestly, climbing by half a percentage point, with nine of its 11 sectors advancing.
Notably, the industrial and materials sectors led these gains, while the information technology and communications services sectors saw declines.
In contrast, the Nasdaq Composite, often the frontrunner in market performance, was nearly unchanged, indicating a slight cooling in the fervor for tech stocks that have dominated much of the market’s growth this year.
The Russell 2000 Index, which tracks smaller companies, rose by more than three percent, highlighting a continued investor shift from large tech behemoths to smaller, more diversified companies.
This trend could suggest a broader confidence in smaller enterprises’ economic recovery.
Key performers in the Dow included major companies such as UnitedHealth, Caterpillar, Boeing, and Home Depot, each contributing significantly to the index’s climb.
These gains underscore a day of optimistic trading, tying Wall Street’s fortunes to the political developments observed at the Republican National Convention.
Investors possibly see Trump’s convention appearance as a stabilizing sign for his political prospects and, by extension, for a business-friendly policy environment.
For now, the message seems clear: the market has voted favorably on the convention’s first day, signaling a potentially bullish outlook as the political season heats up.