Stock Markets Rise Dramatically On News Of Trump Victory
U.S. stock markets surged upward right after the announcement that Donald Trump, now President-elect, defeated Vice President Kamala Harris in Tuesday's election, reclaiming several “blue wall” states like Pennsylvania and Wisconsin.
Dow futures jumped by more than 1,000 points Wednesday morning after Trump took the stage at his Florida headquarters, where he expressed thanks to his supporters and promised to restore the nation, according to Fox Business.
“We’re going to pay you back. We are going to do the best job. We’re going to turn it around. It’s got to be turned around, and it’s got to be turned around fast. And we’re going to turn it around,” Trump declared.
The S&P 500 and Nasdaq futures also climbed by more than 1% early in the morning, Fox Business reported.
Trump invited JD Vance, the anticipated vice president-elect, to speak to the crowd. Vance highlighted economic revival as a major issue in the election.
“We’re going to lead the greatest economic comeback in American history under Donald Trump’s leadership,” Vance said to the crowd.
In recent years, Americans have been facing economic strain from rising inflation. Although inflation has decreased from a peak of 9%, the cost of everyday items like food remains elevated. Gas prices have stayed high nationwide, with other essentials, including housing, insurance, and construction materials, also increasing. Additionally, interest rates reached new highs under the Biden-Harris administration.
Even before Trump was declared the apparent victor, stock futures had begun rising, continuing a rally from Tuesday when the major market indices each gained over 1%, with all major S&P 500 sectors in positive territory.
“The outcome of an election provides us with some measure of reducing uncertainty,” said Ken Fisher, chairman of Fisher Investments, during a “Cavuto Coast to Coast” interview prior to the election.
The markets showed gains in anticipation of the election, with the S&P 500 and Nasdaq Composite up more than 20% annually, while the Dow was up 12%, according to Fox Business. Polls and betting markets in the weeks leading up to the election generally favored Trump over Harris.
Trump also recognized Tesla CEO Elon Musk, calling him a “new star.” Musk actively supported Trump on the campaign trail, most recently at a rally in Madison Square Garden, New York. Trump also praised UFC CEO Dana White for his steadfast support.
Cryptocurrencies saw a boost as well, with Bitcoin hitting a new high above $73,000. While both candidates were seen as crypto-friendly, investors appeared to view Trump as more supportive of the industry.
During his victory speech at Trump Headquarters early Wednesday morning, Trump remarked, “God spared [his] life for a reason.”
Trump, who has survived two assassination attempts since July, expressed his gratitude for a second term in his 25-minute speech from West Palm Beach, Florida.
“This is a magnificent victory for the American people that will allow us to make America great again. And in addition to having won the battleground states of North Carolina — I love these places — Georgia, Pennsylvania, and Wisconsin, we are now winning in Michigan, Arizona, Nevada, and Alaska, which would result in us carrying at least 315 electoral votes. But it’s much easier doing what the networks did, or whoever called it, because there was no other path. There was no other path to victory. We also have won the popular vote. That was great. That was great,” Trump said as the audience cheered with chants of “USA! USA!”
“Many people have told me that God spared my life for a reason, and that reason was to save our country and to restore America to greatness,” Trump said. “And now we are going to fulfill that mission together.”