Although global markets dropped overnight after the results of the U.S. presidential election showed a victory for Donald Trump, markets rallied on Wednesday, with the U.S. indices trending higher. Analysts said there are some industries that especially stand to benefit from a Trump presidency.
According to Morningstar data cited by the Daily Beast’s Betsy Woodruff on Twitter, top gainers in the stock market Wednesday morning were in a few categories: pharmaceuticals, petroleum refineries — and for-profit prisons.
The biggest jump was made by Corrections Corp. of America, which shot up more than 44% Wednesday morning. Another private prison company, The GEO Group, saw its shares rise by nearly 20%.
Biotech companies were also having a very good day, with Vertex Pharmaceuticals, Applied Genetics Technologies and others rising.
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Other stocks that rose in morning trading were for Ionis Pharmaceuticals, ARIAD Pharmaceuticals, and refinery company CVR Energy. Other stocks rising in value on Monday included Navient, a company that services and collects on student loan debts, steel producer Nucor and Ameriprise Financial. Construction industry stocks also rose on the promise of greater infrastructure spending, with Martin Marietta Materials and Vulcan Materials both rising.