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Private prison stocks are soaring after Donald Trump's election

Bob BryanNov 9, 2016, 20:25 IST

Forsaken Fotos/flickr

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 43% to $20.42 per share as of 9:49 a.m. ET.

GEO Group, another prison provider, was up 25% to $26.69 at the same time.

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.

These announcements sent the companies' stocks spiraling at the time.

Google Finance

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