These 10 Firms Dominated Last Week’s Rally

Last week saw a strong trading finish with Wall Street’s main indices all settling in the green territory ahead of President-elect Donald Trump’s return to the White House.

Week-on-week, the Dow eked out a 3.81-percent gain, the S&P rallied 3.79 percent, while the Nasdaq increased by 3.84 percent.

Last week, 10 companies from diverse sectors outpaced their peers. Let’s take a closer look at which publicly-listed firms led the charge and what fueled their impressive performance.

For this week’s list of the 10 biggest advancers, we focused exclusively on companies with a market capitalization of at least $2 billion and a minimum trading volume of $5 million.

A trader cheers on gains. Photo by Tima Miroshnichenko on Pexels

10. CleanSpark Inc. (NASDAQ:CLSK)

Bitcoin miner CleanSpark Inc. (CLSK) saw its share prices increase by 25.01 percent over the past five trading days to finish at $11.87 apiece as hopes were fueled by the incoming administration’s promising plans for the cryptocurrency industry.

President-elect Donald Trump, who was previously a firm critic of the cryptocurrency industry, signaled a robust crypto market under his administration, an asset that his family is directly invested in.

A report said that Trump is set to release a new executive order that would make cryptocurrency a national priority as soon as his first day in office. The new order is expected to provide people with influence in the industry a voice in his administration.

CleanSpark (CLSK) stands to benefit from any potential plan, having held more than 10,000 Bitcoins in its treasury which are all self-mined from its US-based operations. Year-on-year, CleanSpark’s total holdings in Bitcoin represent a 236-percent increase.

9. Rumble Inc. (NASDAQ:RUM)

Shares of Rumble Inc. (RUM), an online video-sharing platform, grew by 14.01 percent week-on-week to end at $12.90 apiece as investor confidence was fueled by the US government’s plan to ban TikTok in the country.

ByteDance, operator of TikTok which boasts as many as 170 million American users, was forced by the government to sell its US operations to an American company or face a ban over fears that its being operated by a Chinese company could pose a threat to US citizens’ sensitive information.

Last year, Rumble (RUM) offered to buy TikTok, saying it was open to joining a consortium with other parties, albeit the details of the plans were not disclosed.

Regardless of whether Rumble (RUM) acquires TikTok, it stands to benefit from a potential surge in advertising payments that would have otherwise gone to TikTok. As of Sunday, January 19, TikTok is no longer active in the US.