When President Donald Trump addressed a joint session of Congress Tuesday night, the first major speech since his inaugural address, he named multiple companies he has directly affected since he first entered the Oval Office on Jan. 20.
Since his speech last night, most of the companies have seen their stock prices rise, including Harley-Davidson, Inc. HOG, which is up 3.82% Wednesday to $58.53. But President Trump didn’t kickoff his speech by name-dropping major U.S. corporations.
He began his address by condemning recent violence against minority groups and crimes rates in some major U.S. cities. He then wasted no time with regard to his big infrastructure plans, which sent some stocks soaring today.
Then, President Trump stated the following:
“Since my election, Ford, Fiat-Chrysler, General Motors, Sprint [S], Softbank, Lockheed, Intel, Walmart, and many others, have announced that they will invest billions of dollars in the United States and will create tens of thousands of new American jobs.”
Although Trump did not directly endorse these companies, all but two of the companies saw stock prices rise.
Ford Motor Company F went up 1.28% to $12.69 per share on Wednesday. Fiat-Chrysler Automobiles N.V. FCAU stock rose 0.96% to $11.05 per share. And General Motors Company GM stock gained 1.60% to $37.43 per share.
Lockheed Martin Corporation LMT went up 0.68% to $268.38 per share. This move is mostly due to Trump’s recent announcement to boost the defense budget. While SoftBank Group Corp. (SFTBY) stock rose 2.28% Wednesday to $38.21 per share.
Intel Corporation INTC stock fell 0.75% to $35.93 per share on Wednesday, along with Wal-Mart Stores, Inc. WMT, which dipped 0.55% to $70.54 per share.
The biggest mover Wednesday was not mentioned in the group near the top of Trump’s speech. Instead, the President discussed the motorcycle giant after he addressed taxes and tariffs.
“I just met with officials and workers from a great American company, Harley-Davidson. In fact, they proudly displayed five of their magnificent motorcycles, made in the USA, on the front lawn of the White House.”
Trump highlighted Harley-Davidson to discuses how it has become harder for American companies to compete internationally. But in 2016, roughly 40% of its motorcycles were sold outside of the U.S.
The Dow Jones industrial average gained more than 300 points Wednesday, and it reached 21,000 for the first time ever. The last jump of this magnitude was made the day before the election in Nov. 2016.
Wednesday’s major move came just one day after the Dow’s streak of 12 straight record-high closings ended Tuesday due in part to the uncertainty surrounding Trump’s address to Congress.