U.S. stocks surged on Wednesday after Donald Trump secured victory over Vice President Kamala Harris in one of America’s most heated elections.
As reported by Fox Business, the Dow Jones Industrial Average jumped more than 1,000 points as the markets opened, following a pre-market rally that took off once Trump addressed his supporters from his Florida headquarters in the early morning.
Thanking his loyal base, Trump pledged swift action to “turn it around” for the nation.
In historic affirmation of how desperately America has needed Donald Trump back in the White House, the Dow opens +1300 points.
The only joy greater than this will be to watch the meltdown of liberal loonies everywhere. May God bless America and may He protect President Trump! pic.twitter.com/dUFq9ZSCGN— James Woods (@RealJamesWoods) November 6, 2024
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“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.
With the momentum set by the election, the S&P 500 and Nasdaq Composite joined in the surge, each up more than 2% by midday. Market watchers observed that all three major indices were on track for record-setting closes, a sign of investor optimism under Trump’s expected pro-business policies.
Great Hill Capital Chairman Thomas Hayes pointed to the impact of Trump’s proposed policies on “lower regulation and lower taxes,” describing the market’s upswing on “Varney & Co.”
Newly elected Vice President JD Vance also took the stage alongside Trump, highlighting economic revival as a cornerstone of the new administration.
“We’re going to lead the greatest economic comeback in American history under Donald Trump’s leadership,” Vance told the crowd, echoing Trump’s focus on job creation and financial growth.
After years of stubbornly high inflation, with everyday costs like groceries still elevated, American voters were primed for economic changes. While inflation has eased from last year’s 9% high, its persistence remains a top concern for both policymakers and the public.
The rally didn’t start with Trump’s victory declaration; it began gaining traction on Tuesday, when the Dow, S&P 500, and Nasdaq all rose by over 1%, signaling confidence among investors. Each of the 11 major sectors within the S&P 500 posted gains, and industry experts noticed that Trump’s victory brought much-needed clarity to the business community.
“What the outcome of an election does is provide us some certain amount of falling uncertainty,” observed Ken Fisher, chairman of Fisher Investments, in a segment on “Cavuto Coast to Coast.”
Leading up to the election, the market had already been on an impressive trajectory, with the S&P 500 and Nasdaq showing over 20% growth for the year and the Dow climbing 12%.
Trump’s shoutout to Tesla CEO Elon Musk, who campaigned for him and headlined a rally at Madison Square Garden, added another boost, especially as Tesla shares rose on the news.
Trump also praised UFC CEO Dana White for his vocal support. The excitement extended to cryptocurrencies, with Bitcoin hitting a new high above $74,000, buoyed by Trump’s pro-crypto stance.
Bitcoin, the top cryptocurrency by market value, has seen a remarkable 90% rise over the past year, rebounding from its 52-week low of $35,027, per Dow Jones Market Data. This upswing aligns with a market increasingly ready for change under new leadership.
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