The stock market has nearly lost its "Trump bump" after the S&P 500 closed for the just above the post-election open after a week of sharp losses.
The S&P 500 dropped 1.4% and ended at 5,870.61, seemingly marking the end to the dramatic "Trump bump" after investments soared following the announcement that Donald Trump would become the 47th president of the United States, as reported by Yahoo Finance.
Stock performance jumped on Nov. 6 following the election to 5,864.89, and continued to stay about 100 to even 200 over in the week since. In the week since, one third of the S&P's post-election boost has gone back down.
Earlier Friday afternoon, the S&P did drop down below that initial bump, as reported by Bloomberg and shared in a post to X.
S&P 500 is below where it opened on 11/6 pic.twitter.com/z2zMXokztG
— Joe Weisenthal (@TheStalwart) November 15, 2024
This came after several days of losses prior to the election.
During what some called the "Trump bump," the stock market managed to reach near-record highs. Bitcoin and other cryptocurrencies have been seeing a significant rise since the election.
However, several bank stocks continued to trade for relatively cheap, as reported by Marketwatch.
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