Stocks surge to record highs as Trump returns to presidency
record highs on Wednesday after Republican Donald Trump won the 2024 U.S. presidential election in a stunning comeback four years after being voted out of the White House.
The Dow Industrials, S&P 500 and Nasdaq Composite each ended at record levels with investors expecting lower taxes, deregulation and a U.S. president who is not shy to weigh in on everything from the stock market to the dollar, although fresh tariffs could bring challenges in the form of a higher deficit and inflation.
The Republican's win powered a rally in so-called «Trump trades,» sending U.S. Treasury yields sharply higher, with the benchmark 10-year note yield hitting a four-month high of 4.479%. Bitcoin hit a record high of over $76,000 and the dollar was on track for its biggest one-day percentage gain since September 2022.
Polls indicated a very tight race, with some concern the process could be drawn out before a victor was declared.
«Investors were kind of portfolio jockeying to score up some of their risk exposure in anticipation of an outcome that was going into it, seemingly a toss-up,» said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
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