President-elect Donald Trump rang the New York Stock Exchange opening bell Thursday, marking a high-profile appearance after winning the 2024 election.
Trump also used the occasion to thank TIME magazine for naming him the 2024 Person of the Year.
What Happened: Flanked by key picks for his incoming White House administration, Trump rang the opening bell after expressing his gratitude to TIME magazine.
"TIME magazine, getting this honor for the second time, I think I like it this time better," Trump said.
Trump said he had a great first presidential term, adding, "The media's tamed down a little bit, they're liking us much better now."
Speaking about the economy, Trump said he plans to incentivize companies to return to the United States and prioritize the production of products in the country.
"We're going to give tremendous incentive like no other country has. We're cutting your taxes."
Trump said the country is a leader in oil and gas and he is going to make the country "number one plus," promising to bring gas prices down.
"The economy, I believe, is going to be very strong."
Did You Know?
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Why It's Important: Trump was surrounded by members of his campaign and also leading businessmen like CEOs of financial companies located near the NYSE.
"We see this [opening bell] every day, it's never been like this," CNBC anchor Carl Quintanilla said.
CNBC anchor Jim Cramer said this might be the first time that many business leaders were there for an opening bell ringing.
"This is very different," Cramer said.
Trump’s approach to the podium to ring the bell was met with loud applause, followed by chants of "USA."
Investors likely hope the stock market performs like it did during Trump's first years in the White House.
The bell ringing comes with the S&P 500, tracked by the SPDR S&P 500 ETF Trust SPY, trading near all-time highs. The SPDR S&P 500 ETF is up over 6% from the opening price on election day (Nov. 5) with a price of $606.12 at the time of writing.
SPY, DJT Price Action: The SPY trades at $606.12 Thursday, versus a 52-week trading range of $464.12 to $609.07. The ETF is up 28.2% year-to-date.
Trump Media & Technology Group DJT shares are up 2% to $36.86 on Thursday. The media company was co-founded by Trump and owns the Truth Social platform where Trump actively posts.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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