Tesla, Robinhood Markets, MicroStrategy and more

The market boom on enthusiasm over Donald Trump’s victory in last week’s US election continued at midday, with the Dow Jones Industrial Average rising above 44,000 for the first time. The S&P 500 also rose, while the Nasdaq was little changed.

Tesla (TSLA) shares were pushed higher again by the election results on expectations of easing federal regulations and CEO Elon Musk’s ties to the new administration as an adviser to the president-elect. Additionally, shares received an additional boost when Wedbush raised its price target by $100, calling the Trump victory a “game changer” for the electric vehicle maker.

After Trump declared he wanted to make the US the “crypto capital of the planet,” cryptocurrency-related companies surged as Bitcoin trading hit an all-time high. Shares of Robinhood Markets (HOOD), Coinbase Global (COIN), Riot Platforms (RIOT) and Marathon Digital parent MARA Holdings (MARA) all rose more than 10%. Shares of MicroStrategy (MSTR) also rose sharply as Bitcoin’s largest corporate holder said it paid $2.03 billion to purchase an additional 27,200 Bitcoins.

Monolithic Power Systems (MPWR) was the worst-performing stock in the S&P 500 as Edgewater Research warned that Nvidia (NVDA) canceled orders at the power solutions company.

Shares of AbbVie (ABBV) plunged as the drugmaker reported disappointing results in two Phase 2 clinical trials for its experimental treatment for schizophrenia.

Monday.com (MNDY) shares fell after the workforce management software maker’s operating loss widened, its operating margin fell and management changes.

Oil and gold futures fell. The US dollar rose against the euro, the pound and the yen. The bond markets were closed.