Stocks, bond yields and bitcoin surge as Trump closes in on US election victory

former President Donald Trump closed in on the 270 electoral votes needed to return him to the White House.

The price of bitcoin jumped nearly 8% to a record $75,345.00, as investors bet on a victory for Trump, who has pledged support for cryptocurrencies. It later fell back to $74,520.00. In early European trading, Germany's DAX climbed 1.3% to 19,503.40, while the CAC 40 in Paris advanced 1.9% to 7,550.36. Britain's FTSE 100 was up 1.4% at 8,285.06.

The broad U.S. stock market has historically tended to rise regardless of which party wins the White House, even if each party's policies can help and hurt different industries' profits. The economy was a key issue for inflation-weary U.S. voters who chose Trump this time around, though mainstream economists have said Trump's policy proposals would make inflation worse.Trump has also vowed to sharply raise tariffs on imports from China and other countries, darkening the outlook for Chinese exporters at a time when Beijing has relied heavily on ramping up manufacturing to try to revive its slowing economy.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European stocks surge higher, following US lead as Trump nears victoryEuropean stocks surge higher, following US lead as Trump nears victory
Source: Investingcom - 🏆 450. / 53 Read more »

Stocks, bond yields and bitcoin surge as Trump closes in on US election victoryThe broad U.S. stock market has historically tended to rise regardless of which party wins the White House, even if each party's policies can help and hurt different industries' profits.
Source: ABC7 - 🏆 67. / 68 Read more »

Trump versus Harris: What the November election means for defense stocksRising geopolitical tensions could be a catalyst for defense stocks, with a few caveats including the U.S. election.
Source: CNBC - 🏆 12. / 72 Read more »

Bank stocks are trouncing the market in October on Trump optimism'A Republican win would likely be viewed most positive for bank stocks,' a Bank of America analyst said.
Source: CNBC - 🏆 12. / 72 Read more »