Former President Donald Trump has defeated Vice President Kamala Harris in a historic political comeback. . The Dow Jones Industrial Average was up 1,315 points, or 3.1%, as of 10:10 a.m. Eastern time, while the Nasdaq composite was 2.1% higher.the White House, with Democrats scoring bigger average gains since 1945.
“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. Of course, how much change Trump will be able to effect will likely depend on whether his fellow Republicans win control of Congress, and that’s. That could leave room for snaps back in some of Wednesday’s big knee-jerk movements. On Wednesday morning alone, the S&P 500 wavered between gains of 2.1% and 1.4%.Bank stocks led the market higher, in part on hopes that a stronger economy would mean more customers getting loans and paying them back with interest.
“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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