Stock market today: World shares gain after Trump's victory as focus turns to the Fed

Markets also were turning their attention to the Federal Reserve’s decision on interest rates, due later in the day.

South Korea's Kospi finished nearly flat, at 2,564.63. Australia's S&P/ASX 200 rose 0.3% to 8,226.30. Still, higher tariffs on imports from China, Mexico and other countries would raise the risk of trade wars and other disruptions to the global economy. On Wednesday, the U.S. stock market, Elon Musk’s Tesla, banks and bitcoin all stormed higher, as investors made bets on what Donald Trump’s return to the White House will mean for the economy and the world. Among the losers the market sees: the renewable-energy industry and potentially anyone worried about higher inflation.

Investors see Trump’s policies potentially leading to stronger economic growth. That helps push prices down and yields up for Treasurys. Tax cuts under Trump could further swell the U.S. government’s deficit, increasing borrowing and forcing yields even higher. The yield on the 10-year Treasury jumped to 4.43% from 4.29% late Tuesday, which is a major move for the bond market. It’s up substantially from August, when it was below 4%.

The expectation is that the Fed will cut its main rate Thursday, but traders are already paring back forecasts for how many cuts it might make next year.

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