Stock Market News: The stock market saw a massive rally on Wednesday as Donald Trump appeared poised to win the 2024 presidential election, sending futures for major indices soaring.
Futures for the Dow Jones Industrial Average surged by 1,231 points, or about 2.9%, marking the biggest jump for the index since November 2022. Meanwhile, S&P 500 futures rose 2.1%, and Nasdaq 100 futures climbed 1.7%, as investors reacted to Trump’s projected victory.
NBC News has projected that Trump will defeat his Democratic rival, Kamala Harris, securing 276 Electoral College votes, including important swing states like Pennsylvania, North Carolina, and Georgia. With this win, the stock market is reflecting strong investor confidence in Trump’s pro-growth policies.
The Russell 2000 futures, which represent small-cap stocks, jumped 6%, as small companies are seen benefiting from Trump’s tax cuts and policies aimed at boosting domestic growth. Tesla shares, supported by CEO Elon Musk’s backing of Trump, surged 13% in premarket trading, and bank stocks like JPMorgan, Bank of America, and Wells Fargo rose by at least 6%.
Bitcoin also saw a massive surge, reaching a new high of $75,000, as traders anticipate that relaxed regulation under Trump could benefit the cryptocurrency market. The U.S. dollar index climbed to its highest level since July, fueled by expectations that Trump’s proposed tariffs on foreign trade could strengthen the dollar.
In other notable moves, Trump Media & Technology Group, a company closely tied to Trump, jumped 37% in premarket trading.
David Bahnsen, chief investment officer at The Bahnsen Group, said, “Investor sentiment is pro-growth, pro-deregulation, and pro-markets, as seen in the overnight market action.” Investors are betting on increased mergers and acquisitions, extended tax cuts, and a generally more favorable market environment under a Trump presidency.
In the race for Congress, Republicans are expected to regain control of the Senate, with the House still too close to call. If Republicans also take the House, we could see significant changes to tax policies and government spending, further boosting optimism for the economy.
As the stock market continues to react to these developments, many experts believe that a Republican sweep could lead to a major economic boost in the U.S.
Overall, the stock market is on a strong upward trajectory today, with investors hopeful for a pro-business, deregulated environment under Trump’s leadership. The rally is a clear sign of confidence in the future direction of the U.S. economy.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult a qualified financial advisor or conduct your own research before making investment decisions.
