Stock Markets Climb Trump Tower to Kiss Moon
Donald Trump in a North Carolina public meeting. Image credit X.com @realdonaldtrump
Stock Market Today: Global Equity Markets Rally After Trump Victory
By S Jha
New Delhi, November 6: Emphatic victory of Republican Donald Trump sent stock markets trending on Wednesday. The American bourses went dancing with gains of three to four per cent after Trump was declared winner of the Presidential elections.
Dow Jones was trading with gains of 1320 points by mid-session on Wednesday. The Dow Jones was higher with gains of more than three per cent.
Russel 2000 index was trading higher by over four per cent. Nasdaq and S&P Index were higher by over two per cent each.
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The massive rally in the stock markets in the US came on the back of the decisive victory of Trump. The victory of Republican along with the party gaining control in the Congress and the Senate cheered the equity markets.
Billionaires such as Elon Musk had been leading the campaigns for Trump. Against predictions of a nail-biting finish, Trump easily achieved the milestone to stake claims to become the 47th President of the US.
The Trump victory also brought strength in dollar and bitcoins. But the currencies elsewhere went crashing. The Mexican currency Peso nosedived after Trump emerged victorious.
Chinese stock markets traded lower along with Hang Sang of Hong Kong. Trump in his first tenure had threatened to slap over 60 per cent tariff against the Chinese imports.
The US bourses per market participants were trading higher in anticipation of Trump unveiling pro-market reforms. Trump promised to cut down bureaucracy during the campaigning.
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Trump victory in the US Presidential Elections came on his exploiting the prevailing high inflation and unemployment. He has promised to fix the challenges faced by the economy.
Japanese, Iranian and other currencies also traded lower on Wednesday. Trump is known to be a protectionist and he has vowed to protect dollar.
His assuming the office in Washington is being seen also with hopes that the raging Russia-Ukraine War may finally find resolution. The Joe Biden administration by aggressively funding Ukraine war efforts had extended the conflict which accounted for higher energy prices and inflation globally.
The equity markets are also trending higher in anticipation that Trump would work out peace with Russia to end the war in Ukraine and cool down global inflation. Trump has spoken against funding of the Ukraine war efforts during his campaign speeches.
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