Trump effect? 10 stocks see rise of 30% or more
Investors had plenty of surprises last month, among them the election of Donald Trump as president of the United States. Big gains by stocks during November only added to the unexpected events.
The Standard & Poor’s 500 index rose 3.6% during November, an overdue change from what had been months of months of listless trading. But even more impressive were the 10 stocks in the index, including energy firm Marathon Oil, materials company FreeportMcMoRan and financial firm Navient, which rose 30% or more during the month.
Seeing the stock market regain its mojo was a welcome sight for investors. The S& P 500 declined 1.9% in October as investors dealt with the uncertainty and heated rhetoric of the election. But after the votes were tallied in November, that put at least one uncertainty in the rearview mirror.
Energy stocks were the biggest winners during the month as Trump’s policies are seen as favoring lower regulation. The Energy Select Sector SPDR exchange- traded fund, a measure of big energy stocks, jumped 8.5%. Energy stocks jumped, too, after OPEC on Wednesday agreed to cut oil production for the first time since 2008 — sending oil prices higher.
Financial stocks did even better than energy shares on hopes that lighter regulation and a slightly bigger difference between short- term and long- term interest rates could be good for banks. The Financial Select Sector SPDR fund ( XLF) rose 14% to be top performing sector.