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Tesla surges beyond $1 trillion market value

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Crypto stocks gain as bitcoin rallies

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Indexes: S&P 500 +0.10%, Nasdaq +0.06%, Dow +0.69%

(Updated at 4:10 p.m. ET/2110 GMT)

By Lisa Pauline Mattackal and Noel Randewich

Nov 11 (Reuters) -

Wall Street's main indexes notched record high closes on

Monday, lifted by stocks expected to benefit from Republican

President-elect Donald Trump's potential fiscal policies.

Tesla's stock market value surged 9% to over $1.1

trillion, fueled by bets the automaker will benefit from CEO

Elon Musk's close ties to Trump. Several other stocks also added

to gains they have made since Trump won the election, as traders

expect them to benefit from his return to the White House.

The S&P 500 financial index rallied 1.4%, with banks

helping lift the Dow to its highest ever, lifted by gains in

Wells Fargo & Co ( WFC ) and JPMorgan ( JPM ).

The small-cap Russell 2000 jumped 1.5% to its highest

since November 2021. Smaller companies are viewed as potential

beneficiaries from Trump's proposed tax cuts and expected looser

regulations.

Microsoft ( MSFT ), Amazon ( AMZN ) and Meta Platforms ( META )

each dipped about 1%.

The S&P 500 has rallied almost 4% since Trump's victory last

Tuesday, while the Nasdaq has gained almost 5%.

The S&P 500 information technology index retreated

almost 1% and the PHLX chip index fell 2.5%, with AI

heavyweight Nvidia ( NVDA ) giving back recent gains and ending

down 1.6%.

"It's been a wild four days since the election and the

market is taking a breath," said Jake Dollarhide, chief

executive officer of Longbow Asset Management in Tulsa,

Oklahoma. "But the trend is moving higher. I would not be

surprised if the Trump rally bleeds into a Santa Claus rally."

All three major Wall Street indexes climbed to record

high closes. The S&P 500 rose 0.10% to end the session at

6,001.35 points. The Nasdaq gained 0.06% to 19,298.76 points,

while the Dow Jones Industrial Average rose 0.69% to 44,293.13

points.

Volume on U.S. exchanges was heavy, with 15.4 billion shares

traded, compared to an average of 12.8 billion shares over the

previous 20 sessions.

Crypto stocks rallied as bitcoin soared to a record

$87,000. Coinbase Global ( COIN ) jumped 20%, and bitcoin miners

MARA Holdings ( MARA ) and Riot Platforms ( RIOT ) jumped 30%

and 17%, respectively.

Investors are watching consumer price inflation data, due

Wednesday, and a raft of other key data this week for signals on

the economy and monetary policy outlook.

The U.S. Federal Reserve cut interest rates by 25 basis

points last week, and interest rate futures imply traders see a

65% chance of another 25 basis point cut at the central bank's

December meeting, according to CME FedWatch.

"With policymakers already so cautious about the risk of

renewed price pressures, particularly amid the continued

strength of the U.S. economy, the Fed will need to tread a

cautious path," warned Seema Shah, chief global strategist at

Principal Asset Management.

Advancing issues outnumbered falling ones within the S&P

500 by a 1.5-to-one ratio.

The S&P 500 posted 117 new highs and 7 new lows; the

Nasdaq recorded 363 new highs and 86 new lows.