The american economy is already rejoicing over the win of Donald Trump as djt and the GOP makes a clean sweep of every branch and trump wins the popular vote.
The stock market immediately soars to new highs as the end of biden's failed presidential term is celebrated
https://www.cnbc.com/2024/11/05/stock-market-today-live-updates.htmlDow soars 1,300 points to a record, Russell 2000 jumps 5% as Trump defeats Harris: Live updates
Stocks rallied sharply on Wednesday, with major benchmarks hitting record highs, as Donald Trump won the 2024 presidential election.
The Dow Jones Industrial Average
surged 1,385 points to a record high, or around 3.3%. The last time the blue-chip Dow jumped more than 1,000 points in a single day was in November 2022. The S&P 500
also hit an all-time high, popping 2.2%. The Nasdaq Composite
climbed 2.5% to a record of its own.
NBC News projects that Trump will defeat his Democratic rival, Kamala Harris, after winning 276 Electoral College votes, including key swing states of Pennsylvania, North Carolina and Georgia. Follow CNBC’s 2024 election live blog here.
Investments seen as beneficiaries under a Trump presidency erupted as the former president appeared set to claim victory. Tesla, whose CEO Elon Musk is a prominent backer of Trump, saw shares surge 13%. Bank shares got a boost with JPMorgan Chase climbing 10% and Wells Fargo jumping 13%.
The small cap benchmark Russell 2000 surged 5%. Small companies, which are more domestic-oriented and cyclical, are believed to enjoy outsized benefits from Trump’s tax cuts and protectionist policies.
“For now, investor sentiment is pro-growth, pro-deregulation, and pro-markets, as seen in the overnight market action,” David Bahnsen, chief investment officer at The Bahnsen Group. “There is also an assumption that M&A activity will pickup and that more tax cuts are coming or the existing ones will be extended. This creates a strong backdrop for stocks.”
