Market Cheers Trump’s Resurgence: Stocks Surge Amid Assassination Scare

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Crypto stocks and prison operators saw a sharp rise on Monday, following an assassination attempt on Republican candidate Donald Trump. The incident, which occurred during a rally in Pennsylvania, has significantly boosted the odds of Trump’s victory in the upcoming U.S. elections.

Online betting site PredictIt showed bets of a Trump victory at 67 cents, up from Friday’s 60 cents, while Joe Biden’s odds fell to 27 cents. Trump’s Media & Technology Group (TMTG) surged by 35%, driven by heightened investor confidence. With Trump owning a majority stake in the company, TMTG forms the backbone of social media platform Truth Social.

The broader stock market, represented by the benchmark S&P 500, edged up 0.5%, nearing a record high. Gun makers, ammunition stocks, and prison stocks—all seen as potential beneficiaries of a Trump presidency—registered notable gains. On the downside, clean energy stocks fell, reflecting market sentiments regarding Trump’s proposed reversal of Biden’s climate policies.

(With inputs from agencies.)

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