Finance

Private prison stocks are soaring after Donald Trump’s election (CXW, GEO)

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Stocks of private prison companies are soaring the morning after the election of Donald Trump as the next US president.

Corrections Corporations of America was up close to 40% as of 9:49 a.m. ET.

GEO Group, another prison provider, was up around 20%.

President Barack Obama and the Department of Justice announced in August that the federal government would stop using private facilities.

Hillary Clinton, Trump’s Democratic opponent, supported those measures as well.

That sent the two stocks plummetting. Now, with Obama on his way out, and Trump elected president, they’re on their way back up.

Check back here for the latest market reaction to the election of Donald Trump as president.

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