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Stock markets in the U.S. shot skyward immediately following news that now-President-elect Donald Trump defeated Vice President Kamala Harris Tuesday night, winning back many of the so-called “blue wall” states, including Wisconsin and Pennsylvania.
Dow futures surged more than 1,000 points on Wednesday morning after Trump took the stage at his headquarters in Florida, expressing gratitude to his supporters and vowing to restore the country, Fox Business reported.
“We’re going to pay you back. We are going to do the best job. We’re going to turn it around. It’s got to be turned around, and it’s got to be turned around fast. And we’re going to turn it around,” said Trump.
The S&P 500 and Nasdaq futures also jumped over 1% in the early morning, the outlet added.
Trump invited JD Vance, the presumed new vice president, to the podium to address the audience, where Vance discussed the importance of revitalizing the U.S. economy, a key issue in the election.
“We’re going to lead the greatest economic comeback in American history under Donald Trump’s leadership,” Vance told the crowd.
Americans have faced a challenging situation with soaring inflation in recent years. Although it has decreased from its peak of 9%, prices for everyday essentials like food remain high. Gasoline has also remained elevated across most of the country, while other everyday items, along with construction materials, housing, and insurance costs, also cost more. Interest rates have also climbed to record highs under the Biden-Harris regime.
Even before Trump was declared the apparent winner, stock futures were on the rise, continuing a rally from Tuesday when all three major market averages increased by over 1%, with every major sector in the S&P 500 securing gains.
“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 outcome.
Markets climbed heading into the election, with the S&P 500 and Nasdaq Composite up over 20% annually, while the Dow is up 12%, Fox Business noted. Polling for weeks in advance of the election favored Trump over Harris, as did betting markets.
Trump also commended Tesla CEO Elon Musk, referring to the world’s richest man as a new star. Musk has been active on the campaign trail for Trump, most recently headlining a rally at Madison Square Garden in New York City. Additionally, Trump praised Dana White, the CEO of the UFC, another steadfast supporter.
Cryptocurrencies also experienced a surge, with Bitcoin reaching a new all-time high, trading above the $73,000 mark. While both Trump and Harris were viewed as pro-crypto, investors appeared to favor Trump as being more supportive of the industry.
Trump said “God spared [his] life for a reason” during his victory speech at Trump Headquarters early Wednesday morning.
Trump, who has been the target of two assassination attempts since July, shared his appreciation for a second presidency during his 25-minute speech from West Palm Beach, Florida.
“This is a magnificent victory for the American people that will allow us to make America great again. And in addition to having won the battleground states of North Carolina — I love these places — Georgia, Pennsylvania, and Wisconsin, we are now winning in Michigan, Arizona, Nevada, and Alaska, which would result in us carrying at least 315 electoral votes. But it’s much easier doing what the networks did, or whoever called it, because there was no other path. There was no other path to victory. We also have won the popular vote. That was great. That was great,” Trump said as the crowd cheered and chanted “USA! USA!”
“Many people have told me that God spared my life for a reason, and that reason was to save our country and to restore America to greatness,” Trump said. “And now we are going to fulfill that mission together.”
