Friday, 8 November 2024
by BD Banks
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Earnings season is giving optimism a boost. Lyft shares moved higher Thursday after the ride-hailing app beat quarterly forecasts and raised its full-year outlook. On the economic front, jobless claims rose slightly to 221,000.
Related: Analysts pick 3 stocks that could rock after President Trump’s win
In other news, the world’s richest are already benefiting from Donald Trump’s re-election.
Thanks to a boom in the stock market Wednesday, the top 10 richest people grew $64 billion richer in just one day. According to the keepers of the Bloomberg Billionaire Index, that’s the biggest single-day surge in wealth since tracking began in 2012.
Elon Musk was the biggest winner. The outspoken Trump supporter saw his stock market wealth surge $26.5 billion to $290 billion. Most of that came from the double-digit surge in Tesla’s stock price. Amazon founder Jeff Bezos saw his wealth climb by $7.1 billion. In the closing weeks of the election, Bezos, who owns the Washington Post, ordered the paper to throw out a planned endorsement of Vice President Kamala Harris. Larry Ellison, co-founder of software company Oracle, grew $5.5 billion richer on Wednesday. Ellison is on record as a Trump supporter.
Even the billionaires whose political sensibilities lean away from Trump benefited from the so-called Trump rally. Warren Buffett, Bill Gates and Google co-founders Larry Page and Sergey Brin all saw their net worth increase.
Crypto billionaires also fared well. Brian Armstrong, the head of crypto exchange Coinbase saw his wealth surge 30 percent to $11 billion.
One billionaire who wasn’t invited to the party – Facebook CEO Mark Zuckerberg. His wealth stayed the same at $202 billion.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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