From prison companies to Tesla: These stocks are soaring off the Trump victory
CNN
Former President Donald Trump’s projected return to the White House is making many shareholders of publicly traded companies richer by the second.
Former President Donald Trump’s projected return to the White House is making many shareholders of publicly traded companies richer by the second. His victory is expected to usher in sweeping changes from the Biden administration, including a tougher stance on immigration and crime as well as a more hands-off approach to regulating businesses. It’s also producing significant rallies of individual stocks as well as the overall market. It’s too soon to say whether the gains will last. For instance, Trump has promised to introduce sweeping tariffs that could raise prices significantly on just about everything that isn’t produced entirely in the US. That could end up hurting some of the companies that are seeing big gains on Wednesday. For now though, here are the companies that are seeing some of the biggest one-day jumps following Election Day. Companies that manage private prisons and detention centers soared Wednesday off the expectation that Trump will detain more migrants who cross into the country illegally. That would mark a reversal from the Biden administration, which allowed migrants seeking asylum to legally work in the country while awaiting trial. Shares of two private prison operators, GEO Group (GEO) and CoreCivic (CXW), were each up more than 30% on Wednesday.
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Elon Musk on Monday held a digital version of the town-hall-style rallies he has hosted on behalf of former President Donald Trump. But the event on X ended just a few minutes after it started, when Musk encountered technical difficulties.
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