(Reuters) – The New York Stock Exchange opened higher on Monday, buoyed by renewed risk appetite as the market saw a victory for Donald Trump in November’s presidential election become more likely after the assassination attempt on the former Republican president.
In early trading, the Dow Jones index gained 281.17 points, or 0.70%, to 40,282.07 points, and the broader Standard & Poor’s 500 rose 0.42% to 5,639.06 points.
The Nasdaq Composite gained 0.50%, or 92.11 points, to 18,490.56 points.
Risk appetite is being fueled by bets on a possible victory for Donald Trump in November’s presidential election after the former White House occupant and Republican Party candidate was targeted in an assassination attempt at an outdoor rally on Sunday.
A new Donald Trump presidency would see tougher trade policy and looser regulations on issues such as climate change and cryptocurrencies, analysts say.
“It’s the promise of deregulation of American industries that should be the trigger,” said Chris Weston, head of research at Pepperstone.
The Republican Party convention is expected to formalize Donald Trump’s candidacy this week.
Hopes of a Federal Reserve (Fed) interest rate cut in September are also adding to bullish sentiment.
Central Bank Chairman Jerome Powell is also due to speak to the Economic Club of Washington on Monday.
In terms of values, the department store chain Macy’s, which has ended takeover discussions with the consortium of investors including Arkhouse Management and Brigade Capital, is down more than 14%.
Goldman Sachs rose 1.85% as the US bank’s profit more than doubled in the second quarter.
Apple (+2.13%) is trading at a record high after Morgan Stanley added the group to its list of favorite stocks.
Stocks linked to Donald Trump, such as Trump Media & Technology Group (+30%), the former president’s media company, jumped at the opening with bets on a return of the conservative leader to the White House.
(Written by Diana Mandiá, edited by Blandine Hénault)
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