Nearly a quarter of the post-election stock market rally in the Dow Jones Industrial Average has been driven by gains in one company’s stock: Goldman Sachs.
The blue-chip Dow Jones stock index has reached new all-time highs since the surprising win by President-elect Donald TrumpDonald TrumpKinzinger says Trump 'winning' because so many Republicans 'have remained silent' Our remote warfare counterterrorism strategy is more risk than reward Far-right rally draws small crowd, large police presence at Capitol MORE, and is flirting with clearing over 20,000 points for the first time in history.
But the 30-stock index has been particularly buoyed by gains in Goldman’s value, which comes as Trump has also leaned heavily on that Wall Street giant to fill out his upcoming administration.
The Dow had gained over 1700 points in value since Election Day, up roughly 9.3 percent in a little over a month of trading. At the same time, Goldman Sachs has seen its stock value climb by over 33 percent.
When calculated out, that company’s stock spike accounts for about 24 percent of all the headline-grabbing gains seen in the Dow since Trump was elected.
The investment firm has seen its value skyrocket, along with several other corporations, as investors believe Trump’s election, coupled with a GOP Congress, could bode well for corporate profits going forward.
At the same time, Goldman has outpaced effectively every other stock on the market since Trump’s election.
The rally comes as Trump has made a number of Goldman alums close members of his inner circle.
Steve Bannon, the controversial former head of Breitbart News who took over Trump’s campaign and now serves as Trump’s chief strategist, spent time at Goldman before launching his own investment firm.
Trump’s pick to lead the Treasury Department, Steven Mnuchin, spent nearly two decades at Goldman before getting into the hedge fund business.
And most recently, Trump selected Gary Cohn, who was Goldman’s president and chief operating officer, to serve as the head of his National Economic Council.