Stock markets have soared after president Trump roared to victory in the election to take a second four year term in the White House.
The Dow jumped three percent while the S&P 500 and Nasdaq Composite added two percent early on.
The Russell 2000 index of small-cap stocks was up almost 5 percent.
Tesla has soared by a massive 15 percent at time of writing with the expectation that a new Trump presidency will mean fewer regulations on tech, as well as his strong links to Elon Musk.
BREAKING 🚨 The U.S. stock market has hit an all-time high as investors flood the market on Trumps Victory. pic.twitter.com/wLzsfqtuql
— The Patriot Oasis™ (@ThePatriotOasis) November 6, 2024
The dollar also rocketed, while bitcoin hit an all time record high, increasing by $6,000 to over $75,000.
Other crypto tokens, such as the Elon Musk backed dogecoin, rocketed as much as 18%.
Trump has pledged to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin.
Stock market has absolutely skyrocketed at opening!
— Paul A. Szypula 🇺🇸 (@Bubblebathgirl) November 6, 2024
President-elect Trump is already fixing the economy that Biden/Harris ruined. pic.twitter.com/LX116JGZ1i
City Index and FOREX.com analyst Fawad Razaqzada remarked “The rationale behind the US stock market rally is that Trump is seen as business-friendly and will be able to pass his tax cuts through easily without much resistance from the Democrats who have lost control of the Senate.”
Briefing.com analyst Patrick O’Hare added that Trump’s policies “which feature lower tax rates and deregulation among the cornerstones, are being heralded by the stock market as pro-growth policies that will be a boon for corporate profit growth”.
Trump vowed to restore economic prosperity and usher in a new golden age for America after sealing a landslide victory.
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