Following news that now-President-elect Donald Trump defeated Vice President Kamala Harris Tuesday night, stock markets in the United States flew skyward instantly, rebanking many of the so-called “blue wall” states, including Wisconsin and Pennsylvania.
After Trump spoke at his Florida headquarters, expressing thanks to his supporters and pledging to reclaim the nation, Dow futures jumped more than 1,000 points on Wednesday morning, Fox Business reported.
We will pay you back. We will perform the best of our ability. We are going to turn it around. It has to be quickly turned around as well. And we are going to flip it around, said Trump.
The site also noted that early morning the S&P 500 and Nasdaq futures also surged above 1%.
In front of the audience, Trump asked Vice President-elect JD Vance to take the podium where Vance spoke on the need of reviving the American economy—a major campaign topic.
Under Donald Trump’s direction, we are going to lead the biggest economic resurgence in American history, Vance informed the gathering.
With skyrocketing inflation in recent years, Americans have been in a difficult position. Prices for daily needs like food remain high even if they have dropped from their peak of 9%. While other daily necessities, including building supplies, housing, and insurance costs, also cost more, gasoline has stayed high throughout most of the nation. Under the Biden-Harris government, interest rates have likewise surged to hitherto unheard-of highs.
Stock futures were rising even before Trump was pronounced the apparent winner, following a Tuesday surge in which every major sector in the S&P 500 guaranteed gains as all three main market averages climbed by over 1%.
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“What the outcome of an election does is to provide us some certain amount of falling uncertainty,” Ken Fisher, chairman and founder of Fisher Investments, said during an interview on “Cavuto Coast to Coast,” ahead of the election result.
While the Dow is up 12%, Fox Business observed markets surged coming into the election with the S&P 500 and Nasdaq Composite up over 20% annually. Based on betting markets as well as polls conducted weeks before of the election, Trump emerged preferred over Harris.
Referring to the richest man on Earth as a fresh star, Trump also praised Tesla CEO Elon Musk. Musk has been active on the Trump campaign road, most notably leading a gathering at Madison Square Garden in New York City. Trump also commended Dana White, the UFC CEO, another unwavering backer.
Along with a boom, cryptocurrencies saw a new all-time high for Bitcoin trading at $73,000. Although both Trump and Harris were seen as pro-crypto, investors seemed to prefer Trump as more industry-friendly.
During his victory speech at Trump Headquarters early Wednesday morning, Trump declared “God spared [his] life for a reason.”
Having been the target of two assassination attempts since July, Trump expressed in his 25-minute speech from West Palm Beach, Florida his gratitude for a second presidency.
“This is a fantastic triumph for the American people that will enable us to bring America back to glory. Apart from winning the battleground states of North Carolina, I love Georgia, Pennsylvania, and Wisconsin; today, we are winning in Michigan, Arizona, Nevada, and Alaska, so carrying at least 315 electoral votes. However, since there was no alternative path, following what the networks did—or whoever called it—is far simpler. There was no other way to win. We also took first place in the public voting. That turned out fantastic. As the throng yelled “USA! USA!” Trump remarked, “That’s fantastic.”
“Many people have told me that God spared my life for a reason—that of saving our nation and so restoring America to glory,” Trump remarked. “And now we are going to fulfil that mission together.”