Trump Media & Technology Group Corp. (NASDAQ: DJT) stock is back in focus on Monday, March 23, jumping 6% amid new developments with the ongoing war in Iran.
DJT shares followed the broader stock market, which rallied after President Donald Trump announced that he was halting strikes on Iranian power plants and energy infrastructure. As such, the situation fits the broader “Trump trade” phenomenon, which refers to the stock market’s positive response to Trump-related headlines believed to signal geopolitical deescalation.
For instance, the Dow Jones Industrial Average jumped 1,117 points, or 2.4%, while the Nasdaq Composite rose 2.4%. This was a welcome reversal, as markets had fallen sharply last week, with the Dow and Nasdaq each down about 2%.
“The market has been desperate for any good news, and this appears to be, at least on the surface, the best news we can expect,” Art Hogan, chief market strategist at B. Riley Wealth Management, told CNBC.
However, the Florida-based media company’s stock, trading at $9.15 at the time of writing, is still down 30% year-to-date.
War in Iran moves stocks
President Donald Trump himself was in the spotlight rather early on in the morning, when he announced on Truth Social that the U.S. and Iran were making meaningful progress toward ending the war in the Middle Eastern country.
“I am pleased to report that the United States of America and the country of Iran have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East,” the president wrote.
The post preceded some rather notable moves in the stock market. For instance, the S&P 500 Index saw a market capitalization swing of no less than $3 trillion in the span of an hour when Iran chimed in to deny that there had been any contact between Tehran and Washington.
Featured image via Shutterstock
Source: https://finbold.com/djt-stock-soars-6-as-trump-reveals-positive-iran-talks/