Donald Trump’s victory in the US presidential election reverberated across global stock markets on Wednesday, as investors raced to back the winners and sell the expected losers from his win. The S&P 500 ended the day up 2.5 per cent, while the technology-heavy Nasdaq 100 climbed about 2.7 per cent and the Russell 2000 small-cap index advanced about 5.8 per cent.
Shares in government-backed housing agencies Fannie Mae and Freddie Mac soared more than 37 per cent as investors bet Trump could push for a full privatisation of the two groups that purchase the majority of mortgages issued by banks in the US. The government nationalised both agencies as part of their rescue during the 2008 financial crisis.
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