Stock Market Today: Asian shares retreat after Trump's victory as focus turns to the Fed

Latino voters show significant shift toward Donald Trump in November 5 electionWATCH: Bexar County election workers aren’t done yetLooking to save on items for your home, road trip and wardrobe? We've got the latest Insider Deals to share!People pass the New York Stock Exchange in New York's Financial District on Tuesday, Nov. 5, 2024.

A currency trader walks by the screens showing the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Nov. 7, 2024. A currency trader talks on the phone at a foreign exchange dealing room in Seoul, South Korea, Thursday, Nov. 7, 2024.

Trump has promised to slap blanket 60% tariffs on all Chinese imports, raising them still more if Beijing makes a move to invade the self-governing island of Taiwan.Higher tariffs on imports from China, Mexico and other countries also would raise the risk of trade wars and other disruptions to the global economy.The S&P 500 rallied 2.5% to 5,929.04 for its best day in nearly two years. The Dow Jones Industrial Average surged 3.6% to 43,729.93, while the Nasdaq composite jumped 3% to 18,983.

Investors expect the incoming president's policies, particularly higher tariffs, to fan inflation and add costs to U.S. household bills. Sharp cutbacks in immigration could also leave businesses shorthanded, forcing companies to raise wages for workers faster and put more upward pressure on prices.The Fed will announce its latest decision on interest rates Thursday, where the expectation is still for a cut, according to data from CME Group.

Business Business Latest News, Business Business Headlines

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

Stock market today: Asian shares gain as China releases plan for market supportAsian shares are higher after China's central bank released plans for supporting stock markets through share repurchases.
Source: wjxt4 - 🏆 246. / 63 Read more »

Stock market today: Asian shares gain as China releases plan for market supportAsian shares are higher after China's central bank released plans for supporting stock markets through share repurchases.
Source: ksatnews - 🏆 442. / 53 Read more »

Stock market today: Asian markets mostly fall after Wall Street logs 3rd loss in a rowShares are mostly lower in Asia after a third straight day of losses on Wall Street.
Source: ksatnews - 🏆 442. / 53 Read more »

Stock market today: Asian shares are mixed after Wall Street drifts ahead of US Election DayShares are mixed in Asia after U.S. stock indexes drifted lower at the start of a momentous week full of potential flashpoints in Washington, D.
Source: wjxt4 - 🏆 246. / 63 Read more »

Stock market today: Asian shares are mostly higher after strong earnings boost stocks on Wall StShares are mostly higher in Asia after U.S. stocks rose following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies.
Source: ksatnews - 🏆 442. / 53 Read more »

Stock market today: Asian shares are mostly higher as China begins major economic meetingShares are mostly higher in Asia as China's leaders begin a major meeting expected to bring fresh pledges of help for the world's second-largest economy.
Source: ksatnews - 🏆 442. / 53 Read more »