NEW YORK — U.S. stocks stormed to records as investors bet on what Donald Trump’s return to the White House will mean for the economy and the world. The S&P 500 jumped 2.5% Wednesday for its best day in nearly two years. The Dow Jones Industrial Average surged 1,500 points, and the Nasdaq composite gained 3%. Big bank stocks led the way on expectations that Trump’s policies will lead to stronger economic growth and less regulation.
“The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook,” Peter Esho of Esho Capital said. “Trump keeps openly telling people that he will increase tariffs not just on China but with every trade partner," said Andrzej Skiba, head of BlueBay U.S. Fixed Income at RBC Global Asset Management."We’re talking 10% tariffs across all global partners. This is a big deal because this could add 1% to inflation. If you add 1% to next year’s inflation numbers, we should say bye to rate cuts.
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