Trump triumph ignites buying spree for U.S. stocks

Lola Evans
6 Nov 2024

NEW YORK, New York - U.S. stocks soared on Wednesday, welcoming a return to the White House for Donald J.Trumpo, 45th president of theUN ited States, and now to be the 47th president. All the major indices hit record highs.

"The fact that we got a clean result, there's not going to be any messy contesting or court cases or whatever it might have been, is a relief to markets," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky told Reuters Wednesday.

"So that's kind of like super-charging the classic Trump trade that we saw in 2016 as well."

The Standard and Poor's 500 climbed by 146.28 points, or 2.53 percent, to close at 5,929.04. The rally was broad-based, with gains across multiple sectors as optimism about economic resilience and strong corporate earnings drove the index higher.

The Dow Jones Industrial Average posted a remarkable increase, soaring 1,508.05 points, or 3.57 percent, to end at 43,729.93. The blue-chip index benefited from strong performances in industrial and financial stocks, with investors cheering robust earnings results from major companies.

The tech-heavy NASDAQ Composite also had a strong showing, rising by 544.29 points, or 2.95 percent, to close at 18,983.46. Technology stocks led the charge, buoyed by impressive quarterly earnings from several tech giants and renewed confidence in the sector.

Global Foreign Exchange Markets See Significant Climb in U.S. Dollar Amid Economic Uncertainty

On Wednesday, the global foreign exchange markets experienced notable fluctuations as currencies responded to the election of Donald Trump as U.S. president for a second time. The US dollar showed broad strength against major currencies, with investors weighing the economic fallout from a Trump victory.

The Euro/US Dollar (EUR/USD) saw a substantial decline, dropping by 1.78 percent to trade at 1.0735.

In the Asian markets, the US Dollar/Japanese Yen (USD/JPY) surged, gaining 1.94 percent to reach 154.54. The yen weakened further as the Bank of Japan maintained its dovish stance, while the robust dollar drove the pair higher.

The US Dollar/Canadian Dollar (USD/CAD) pair increased by 0.80 percent, settling at 1.3934.

The British Pound/US Dollar (GBP/USD) faced a notable decline, dropping 1.15 percent to trade at 1.2890.

Against the Swiss franc, the US Dollar/Swiss Franc (USD/CHF) climbed 1.52 percent to 0.8761. The franc weakened as risk-off sentiment and dollar strength played a significant role in currency movements.

The Australian Dollar/US Dollar (AUD/USD) also experienced downward pressure, declining 0.86 percent to 0.6580.

Lastly, the New Zealand Dollar/US Dollar (NZD/USD) slid by 0.98 percent, to last trade at 0.5945.

Global Stock Markets Wrap Up as Indices Reflect Mixed Trading Sentiment

Markets across the globe wrapped up Wednesday's trading session with a variety of outcomes. European, and Asian, aindices showed divergent movements, as investor sentiment responded to various regional and international pressures.

CANADA

In Canada, the S&P/TSX Composite Index gained 249.55 points, or 1.02 percent, to settle at 24,637.45.

UNITED KINGDOM

The FTSE 100 in London saw a slight decline, closing at 8,166.68, down 5.71 points or 0.07 percent.

EUROPE

Germany's DAX ended at 19,039.31, marking a significant drop of 216.96 points, or 1.13 percent.
In France the CAC 40 index slipped to 7,369.61, decreasing by 37.54 points, or 0.51 percent.
The EURO STOXX 50 recorded a sharp decline Wednesday, shedding 69.70 points to end at 4,800.63, a loss of 1.43 percent.
The Euronext 100 fell by 13.64 points, or 0.93 percent, to close at 1,445.20.
Belgium's BEL 20 index dipped by 26.40 points, or 0.62 percent, settling at 4,240.76.

ASIA

The Hang Seng Index in Hong Kong experienced a steep fall of 468.59 points, or 2.23 percent, to close at 20,538.38.
In China, the SSE Composite Index edged down slightly by 3.18 points, or 0.09 percent, closing at 3,383.81.
Meanwhile, Japan's Nikkei 225 surged impressively by 1,005.77 points, or 2.61 percent, to end at 39,480.67.
Singapore's STI Index bucked the trend on Wednesday, gaining 21.38 points, or 0.60 percent, to finish at 3,602.99.
In India the S&P BSE SENSEX surged by 901.50 points, or 1.13 percent, ending at 80,378.13.
Malaysia's FTSE Bursa Malaysia KLCI increased by 13.47 points, or 0.83 percent, reaching 1,634.17.
In South Korea the KOSPI fell by 13.37 points, or 0.52 percent, to 2,563.51.
Taiwan's TSEC Weighted Index rose 110.59 points, or 0.48 percent, to finish at 23,217.38.

OCEANIA

Australia saw positive momentum Wednesday, with the S&P/ASX 200 climbing 67.70 points, or 0.83 percent, to 8,199.50. The ALL ORDINARIES similarly rose by 68.20 points, or 0.81 percent, to close at 8,456.00.
New Zealand's S&P/NZX 50 recorded a slight dip of 9.13 points, or 0.07 percent, closing at 12,649.17.

MIDDLE EAST

In Israel the TA-125 advanced by 6.95 points, or 0.31 percent, closing at 2,229.49.
Egypt's EGX 30 gained 251.40 points, or 0.82 percent, to end at 31,045.30.

AFRICA

In South Africa the Top 40 USD Net TRI Index took a major hit Wednesday, dropping 129.02 points, or 2.66 percent, to 4,715.53.

Currencies and related indices had a mixed day:

The US Dollar Index strengthened, increasing by 1.66 points, or 1.60 percent, to 105.08.
The MSCI Europe Index fell significantly, down 44.56 points, or 2.10 percent, to 2,073.72.
The British Pound Currency Index slipped 1.45 points, or 1.11 percent, closing at 128.90.
The Euro Currency Index declined 1.94 points, or 1.78 percent, to 107.35.
The Japanese Yen Currency Index dropped 1.25 points, or 1.90 percent, to 64.72.
The Australian Dollar Currency Index fell by 0.54 points, or 0.81 percent, to close at 65.84.

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