The stock market saw a surge on Monday as investors processed the shocking news of an attempted assassination on former President and current presidential candidate Donald Trump. The attack, which took place during a campaign rally in Butler, Pennsylvania, left Trump with a graze on his ear but seemingly boosted his chances of winning the 2024 presidential race.
Following the incident, Wall Street indices rose, with the Dow Jones Industrial Average gaining 205 points, the S&P 500 climbing 25 points, and the Nasdaq gaining 125 points. The optimism in the market was also fueled by expectations of a rate cut by the Federal Reserve in September.
Investors were also buoyed by strong corporate earnings reports, with investment bank Goldman Sachs reporting a doubling of profit in the second quarter. Other companies like BlackRock, Bank of America, and Morgan Stanley are set to report their earnings in the coming days.
However, not all sectors saw gains, as crude oil prices dipped slightly due to weak Chinese economic data. China, the world’s second-largest economy, reported its slowest growth since the first quarter of 2023, leading to a decrease in crude oil imports and fuel demand.
Despite these challenges, the overall sentiment on Wall Street remained positive, with political uncertainty in the U.S. and the Middle East providing support to prices. As investors continue to monitor developments in the market, the focus remains on upcoming events like the 2024 Republican convention and the Federal Reserve’s interest rate decision in September.
