Posted on 11/06/2024 5:24:53 PM PST by ProtectOurFreedom
US stocks surged to record highs on Wednesday as investors digested Donald Trump's victory in the US presidential election over Kamala Harris.
The Dow Jones Industrial Average jumped 3.5%, or about 1,500 points to close at a record and post its best day since 2022. The benchmark S&P 500 moved up roughly 2.5% to surpass the 5,900 level, while the tech-heavy Nasdaq Composite rose about 2.9%, also clinching a new record.
Outside of the presidential election, Republicans have also flipped the Senate. Control of the House of Representatives remains unclear (and likely will for days or weeks).
Trump's policies had been viewed by some experts as more positive for the financials sector, spurring a massive rally in regional banks before the open on Wednesday. The S&P Regional Banking ETF was up more than 11%.
Small-cap Russell 2000, which includes some regional banks, soared more than 5%.
Tesla stock jumped 14%. The electric vehicle maker's CEO, Elon Musk, publicly supported and donated heavily to the Trump campaign.
The Federal Reserve Open Market Committee began its two-day rate policy meeting on Wednesday. Investors are widely expecting Fed officials to announce a rate cut on Thursday afternoon. The CME FedWatch Tool showed a 99% likelihood that policy makers will opt for a reduction of 25 basis points.
(Excerpt) Read more at finance.yahoo.com ...
We are personally very happy we are still heavy in US equities in retirement. And the Harris goal of taxing unrealized capital gains is gone as is the hike in capital gains tax rates, so we don't have to think about selling our California house just yet. We were doing a lot of contingency planning in case she won. It's a HUGE relief to know she is nowhere near the White House.
Yes! I think I made more paper profits today than any single day before since 1962.
I wonder what it will do tomorrow ?
I am betting on down 1/2 what it went up.
Yes, huge relief for all of us. I was getting ready to pull the trigger of getting out of many stock funds. Got huge increases today, on paper. With a Harris win, her idea of taxing those paper unrealized gains would have collapsed the market and hurt my retirement funds. I got a huge gain just on Tesla holdings, nice!
Classic short squeeze.
PMs down bigly - but I was prepared for that.
Balance in All Things, Grasshopper. ;)
I agree. Market may decline heavily in next few months (around Inauguration Day). AI stocks have been great for us this year, can it last into next year? Can they survive coming recession? Be careful!
Winning!
Is anyone tired of winning yet?
Yes, there have been “two markets” most of the year. But this rally was across the board. People are bullish on low energy prices really stimulating the economy.
“would have collapsed the market”
Just as important, it would have collapsed the housing market values. That would be good for buyers, but for people with large house equity gains, it would have been a total disaster. Especially for retirees still in their homes of 20, 30 or 40 years. (we’ve been in ours 41 years). It would have forced retirees to sell their homes to pay the taxes (just like farmers have had to endure foreever).
Any recession will be blamed on Trump, beginnning now
winning?
wait till the real numbers hit:
fake employment numbers-
TRILLIONS in Debt-
hope there is a way out
Yes, a big relief. I was worried last week and thought about getting out of a couple of my stocks. Thank the Lord I didn’t! I have never had anything like it, way more than double what I’ve ever seen in that account in one day. Thank you President Trump.
nice
The are bullish on Trump.
“The are bullish on Trump.”
Of course. But they are bullish on what Trump is going to do to energize the economy. The cornerstone of that will be to abandon the ultra-high price “green” scams and get back to plentiful, affordable energy. That will really goose the economy.
Can’t seem to give the man his just due. Why?
New golden age. America is open for business again, starting Jan 20th.
Why can’t you figure it out?
It’s the Trump energy POLICIES, his bullishness on the American economy, his known ability to slash regulations, and his pledge to get the border under control which will save $500 BILLION every year that drove this market move today. It’s all because of Trump.
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