Shares of the metals and mining company jumped 8.27% Tuesday as investors anticipated higher sales for Freeport under the infrastructure-focused and energy-friendly Trump administration. The stock also received a bump as investors looked forward to the company’s fourth quarter earnings report Wednesday morning.
That boosted Freeport’s market capitalization by $2.1 billion, making the company worth $23.5 billion.
Trump’s plan to increase infrastructure spending has sent metals and mining stocks on a wining streak since his election on Nov. 8. The S&P 500 Metals and Mining Select Industry Sector Index rose 3.2% in Tuesday trading, though it has risen nearly 28% since the elections.
Shares of Freeport McMoran have risen nearly 41% since Nov. 8 — meaning investors had decided that the company is roughly $12 billion more valuable with Trump sitting in the White House than not.