Why Is PACCAR (PCAR) Stock Rocketing Higher Today

What Happened?

Shares of trucking company PACCAR (NASDAQ:PCAR) jumped 7.8% in the afternoon session after stocks rallied as Republican party candidate Donald Trump was declared the winner of the 2024 US presidential election. For industrials stocks, President-elect Trump is considered more pro-business and a defender of American industrial interests. This could generally lead to a more robust capital expenditures and investment environment.

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What The Market Is Telling Us

PACCAR’s shares are not very volatile and have only had 2 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

PACCAR is up 20.3% since the beginning of the year, and at $116.41 per share, it is trading close to its 52-week high of $124.46 from March 2024. Investors who bought $1,000 worth of PACCAR’s shares 5 years ago would now be looking at an investment worth $2,191.

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