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.
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