With most of Wall Street skyrocketing after the 2024 presidential election results, Alphabet (GOOGL) emerges as one of the surprising benefits of Donald Trump’s reelection win. Indeed, throughout Wednesday’s trading, the company saw its stock increase nearly 4% following the election results.
Increased stock prices were not an uncommon occurrence, with a plethora of companies benefiting from the Trump victory. Chief among them was Tesla (TSLA), which started the day up 15%. Yet, Google represents an interesting case, as it is among the few tech stocks to get a bump from the election news.
Also Read: US Stock Market: How it Responded to Donald Trump’s 2024 Election Win
Alphabet Surges After Trump Victory as Magnificent 7 Get a Bump
2024 has always been viewed as a massively important election for the United States. Ultimately, it had a historic outcome, with Donald Trump overtaking Vice President Kamala Harris by a substantial margin. Now, Trump becomes the 15th president to serve a second term, and at 78th, he is the oldest person elected to take up the commander-in-chief role.
The outcome certainly boosted the country’s economic sectors. As a result, stocks and the US dollar surged, with Alphabet (GOOGL) among the stocks to push upward after news of a Trump victory. Interestingly, the increase looks connected to the ongoing issue that companies had with the Joe Biden administration.
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Six of the Magnificent Seven stocks had been up following the election outcome. It appears as though that could be tied to ongoing legal action from the Federal Trade Commission (FTC) on various companies. In 2023, they sued Amazon, alleging a monopoly. Then, in March of this year, the Justice Department went after Apple for similar monopolization charges.
In August, a judge ruled that Alphabet’s Google had a monopoly on search services and text advertising. Thereafter, the Justice Department had recommended breaking up the company to address the issue. With Trump, there is belief in a new direction.
Current FTC Chair, Lina Khan, was nominated by Biden. With her term now expired, Trump is expected to select a predecessor. That should continue to reshape the landscape for these companies, with Wall Street expecting the incoming administration to be more lenient regarding these issues. Utlaitmeily, the development should only benefit Wall Street investments of firms like Alphabet and Apple.
