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Private prison stocks climb after Trump's win

Posted Nov. 9, 2016 by

In a sign of what may be in store for public workers next year, stocks for private prison companies, Correction Corporation of American and the Geo Group, soared after the announcement of Donald Trump’s defeat of Hillary Clinton.

Obama and Clinton both vowed to phase out the practice of using private prisons to house federal inmates, but Trump is likely to reverse that course, according to experts. The stock of the two companies had tanked after Obama announced the feds would phase their use. But Wednesday, shares of CCA, now called CoreCivic, rallied as much as 43 percent.

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