The Daily Money: Investors love the Republican National Convention
Good morning! It’s Daniel de Visé with your Daily Money.
We don't usually do politics here, but the opening of the Republican National Convention and the assassination attempt against Donald Trump have shaken the financial world.
A green wave swept over the U.S. stock market on Monday as investors placed bets on a red wave: that former President Donald Trump would win the White House in November, and that he’d carry Congress with him.
The Dow Jones Industrial Average closed at a record high 40,211.72, while the broad Standard & Poor’s 500 index touched the all-time high of 5,666.94 during the session after the Trump shooting at a weekend rally. The failed assassination gave Trump strong momentum going into the convention in Milwaukee, Wisconsin, and that's spilling over into hopes Republicans can win Congress, Medora Lee reports.
Here's how investors are reading the latest developments.
CEOs respond to the shooting
The nation's top business leaders publicly expressed support for Trump and condemned political violence following Saturday’s assassination attempt, at a campaign rally in Pennsylvania.
"I pray for President Trump's rapid recovery," Apple CEO Tim Cook said on X.
"We’re heartbroken for the victims and their families," Walmart CEO Doug McMillon wrote on LinkedIn.
Elon Musk has said he plans to commit around $45 million a month to a new super political action committee backing Trump, according to the Wall Street Journal. But most of the nation's top CEOs will probably remain on the political sidelines through November, Jessica Guynn reports.
Here's why.
Trump media shares surge
Trump Media's stock price surged more than 31% Monday following the assassination attempt. Shares for Trump Media & Technology Group (stock symbol: DJT), majority-owned by Trump, were trading as high as $46.27, up nearly 50%, before ending the day at $40.58.
Here's what the price surge means.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.
