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Stock market today: Dow, S&P 500 close above key milestones as Tesla, bitcoin surge
The Dow and S&P 500 both closed above key milestones Monday as Wall Street built on a roaring post-election rally. The "Trump trade" again took the spotlight in markets , with bitcoin ( BTC-USD ) nearing $87,000 and shares of Tesla ( TSLA ) jumping for a fifth straight session.
The Dow Jones Industrial Average ( ^DJI ) led the way higher, up almost 0.7% to close above 44,000 for the first time ever, while the S&P 500 ( ^GSPC ) closed above the 6,000 milestone. Both indexes are coming off their best week of the year, capped by record highs.
Meanwhile, the tech-heavy Nasdaq Composite ( ^IXIC ) closed just above the flat line as Nvidia ( NVDA ), Apple ( AAPL ), and Meta ( META ) lagged.
Small-cap stocks also rose, with the Russell 2,000 ( ^RUT ) hitting its highest level since November 2021.
The markets opened on Veterans Day near all-time highs thanks in large part to expectations for lower corporate taxes and deregulation from President-elect Donald Trump. The Federal Reserve's latest interest rate cut also buoyed the mood.
Bitcoin hit a record amid high hopes for a crypto-friendly Trump administration and Congress. Dogecoin ( DOGE-USD ) and other smaller digital currencies also gained as traders bet on Trump's promise to make the US a leading light in crypto.
That optimism also helped push crypto-related stocks higher, building on sharp gains booked since the election. Trading platform provider Coinbase ( COIN ) rose over 20%, while shares in peer Robinhood ( HOOD ) put on over 10%.
Tesla stock — another "Trump trade" hot spot — continued to climb , up over 8%. The electric vehicle maker's stock hit its highest close in over two years on Friday, topping $1 trillion in market value amid optimism over CEO Elon Musk's relationship with the incoming president.
At the same time, doubts about the stock market rally's staying power are starting to emerge. Wall Street is waiting for October consumer inflation data on Wednesday for pointers to the path of rates. Last week, Chair Jerome Powell stayed mum on the Fed's thinking in the face of Trump policies — like promised tariffs — that could keep price pressures in play.
Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards