Wall Street surges after Trump wins election
The stock market is responding to former US President Donald Trump's success in the White House race against Kamala Harris. Read Full Article at RT.com.
TroibNews 
All three major indices reached all-time highs on Wednesday, with the Dow jumping by over 1,430 points in a remarkable single-day increase.
The US stock market, along with other financial assets, experienced a surge on Wednesday following media declarations of Donald Trump's victory in the presidential election.
A senior aide to Vice President Kamala Harris confirmed to NBC News that Harris had called Trump to “congratulate him on winning the 2024 presidential election,” effectively serving as a formal concession in the race.
On that day, the Dow Jones Industrial Average experienced a significant rise, climbing more than 1,430 points, or 3.4%, marking the largest daily surge for the blue-chip index since November 2022. The S&P 500 and the tech-heavy Nasdaq also reached record highs, each increasing by more than 2%.
Meanwhile, the Russell 2000, which focuses on smaller companies that are closely tied to the US economy, soared by 4.7% amid expectations of Trump’s tax cuts and protectionist policies. The 10-year Treasury yield rose to 4.43%, while the dollar index climbed by 1.7% to 105.13.
David Bahnsen, chief investment officer at The Bahnsen Group, commented on this positive market sentiment, stating, “For now, investor sentiment is pro-growth, pro-deregulation, and pro-markets, as seen in the overnight market action.” He added, “There is also an assumption that M&A activity will pick up and that more tax cuts are coming or the existing ones will be extended. This creates a strong backdrop for stocks.”
The cryptocurrency market is also looking forward to more favorable policies and regulatory easing, particularly since Trump has shown support for digital assets throughout his campaign. Bitcoin, the leading cryptocurrency, surged to a record high of $75,000 per coin early on Wednesday. The president-elect has pledged to position the US as the “crypto capital of the planet.”
In addition, shares of Tesla, led by CEO Elon Musk—who is a known Trump supporter—increased nearly 14%.
Angelo Kourkafas, senior investment strategist at Edward Jones, also pointed out to CNBC that the stock market's upswing was triggered not only by Trump's victory but also by the clarity it brings to the election's outcome.
“A decisive win removes the overhang of an unclear or a contested outcome. And that by itself clears some of the uncertainty and is helping that strong reaction we are seeing in the markets,” Kourkafas noted, though he cautioned that the rally might lose momentum in the days ahead.
“We tend historically to see markets overreact the day after the election…” he said.
Jessica Kline for TROIB News
The US stock market, along with other financial assets, experienced a surge on Wednesday following media declarations of Donald Trump's victory in the presidential election.
A senior aide to Vice President Kamala Harris confirmed to NBC News that Harris had called Trump to “congratulate him on winning the 2024 presidential election,” effectively serving as a formal concession in the race.
On that day, the Dow Jones Industrial Average experienced a significant rise, climbing more than 1,430 points, or 3.4%, marking the largest daily surge for the blue-chip index since November 2022. The S&P 500 and the tech-heavy Nasdaq also reached record highs, each increasing by more than 2%.
Meanwhile, the Russell 2000, which focuses on smaller companies that are closely tied to the US economy, soared by 4.7% amid expectations of Trump’s tax cuts and protectionist policies. The 10-year Treasury yield rose to 4.43%, while the dollar index climbed by 1.7% to 105.13.
David Bahnsen, chief investment officer at The Bahnsen Group, commented on this positive market sentiment, stating, “For now, investor sentiment is pro-growth, pro-deregulation, and pro-markets, as seen in the overnight market action.” He added, “There is also an assumption that M&A activity will pick up and that more tax cuts are coming or the existing ones will be extended. This creates a strong backdrop for stocks.”
The cryptocurrency market is also looking forward to more favorable policies and regulatory easing, particularly since Trump has shown support for digital assets throughout his campaign. Bitcoin, the leading cryptocurrency, surged to a record high of $75,000 per coin early on Wednesday. The president-elect has pledged to position the US as the “crypto capital of the planet.”
In addition, shares of Tesla, led by CEO Elon Musk—who is a known Trump supporter—increased nearly 14%.
Angelo Kourkafas, senior investment strategist at Edward Jones, also pointed out to CNBC that the stock market's upswing was triggered not only by Trump's victory but also by the clarity it brings to the election's outcome.
“A decisive win removes the overhang of an unclear or a contested outcome. And that by itself clears some of the uncertainty and is helping that strong reaction we are seeing in the markets,” Kourkafas noted, though he cautioned that the rally might lose momentum in the days ahead.
“We tend historically to see markets overreact the day after the election…” he said.
Jessica Kline for TROIB News
