Wall Street experienced a surge of optimism on Wednesday, pushing the S&P 500 and Dow Jones Industrial Average to record highs. This bullish sentiment was primarily driven by investors’ confidence following the election of Donald Trump as the 47th U.S. president.
The S&P 500 index soared by 2.5%, closing at 5,929.04, while the Dow Jones Industrial Average skyrocketed over 3.6% to reach 43,729.93, marking its biggest single-day gain since November 2022. The tech-heavy Nasdaq also mirrored this upward trend, rising nearly 3% to end the day at 18,983.47.
Several stocks, including Arm Holdings, Coinbase, Lyft, IonQ, and Tesla, stood out with their impressive performance, capturing the attention of retail traders and investors. Let’s take a closer look at these top movers:
Arm Holdings Plc – ADR (ARM)
Arm Holdings shares closed the day up by 2.87% at $144.68, with an intraday high of $146.06 and a low of $141.01. The company’s 52-week high and low are $188.75 and $49.82, respectively. This impressive performance was driven by Arm’s strong second-quarter earnings, which surpassed analyst expectations. The company reported revenue of $844 million, fueled by record levels of royalty revenue. Arm also reported adjusted earnings of 30 cents per share, exceeding analyst forecasts.
Coinbase Global Inc. (COIN)
Coinbase shares surged 31.11% to close at $254.31, with an intraday high of $257.68 and a low of $221.11. The company’s 52-week high and low are $283.48 and $84.3, respectively. This significant jump was fueled by speculation that the cryptocurrency exchange could benefit from a leadership change in the Securities and Exchange Commission (SEC) as early as April or May 2025. This expectation stems from historical patterns of changes in SEC leadership impacting the cryptocurrency industry.
Lyft Inc. (LYFT)
Lyft shares rose 4.35% to close at $14.40, with an intraday high of $14.53 and a low of $13.78. The company’s 52-week high and low are $20.82 and $8.93, respectively. This gain was attributed to Lyft’s announcement of new autonomous vehicle partnerships. Lyft is strategically aligning with Mobileye Global Inc. to offer future autonomous vehicle rides through the Lyft app, signifying a significant step towards embracing the future of transportation.
IonQ Inc. (IONQ)
IonQ shares increased 7.2% to close at $16.45, with an intraday high of $16.83 and a low of $15.85. The company’s 52-week high and low are $18.20 and $6.22, respectively. This positive movement was driven by IonQ’s strong third-quarter financial results, which showed total revenue up 102% year-over-year. The company also achieved $63.5 million worth of new bookings in the third quarter, highlighting its growing presence in the quantum computing space.
Tesla Inc. (TSLA)
Tesla shares jumped 14.75% to close at $288.53, with an intraday high of $289.59 and a low of $275.62. The Elon Musk-led company’s 52-week high and low are $289.59 and $138.8, respectively. Analyst Dan Ives expressed optimism about the potential impact of a potential Trump win on Tesla stock, suggesting that it could be a significant factor driving the stock’s performance in the coming months.
The record-breaking performance of the S&P 500 and Dow Jones Industrial Average on Wednesday reflects a wave of optimism fueled by the political landscape. The significant gains seen in specific stocks, such as Arm Holdings, Coinbase, Lyft, IonQ, and Tesla, highlight the investor sentiment and potential future growth prospects for these companies. As the market continues to evolve, it will be interesting to see how these stocks perform and what factors drive their trajectory in the long run.
