Detroit voted overwhelmingly for Vice President Kamala Harris, but investors in “Detroit” backed President-elect Donald Trump. Shares in General Motors Co. and Ford Motor Co. jumped on news of Trump’s election win, with GM reaching a new high for the year and Ford up by almost 6% on Wednesday, more than double the S&P 500 Index’s gain. Meanwhile, in that other motor city, Austin, Tesla Inc. has added more than $100 billion to its already enormous market value.
The gains all look questionable, albeit for very different reasons when it comes to Elon Musk’s electric vehicle maker.
The positive take on a Trump ...
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