Trump’s back & so is the bull! Stock market hits all-time high post-election

According to Fox Business, the stock market experienced a remarkable surge on Wednesday after Donald Trump's victory over Vice President Kamala Harris in a dramatic US presidential election. The report showed that the Dow Jones Industrial Average jumped more than 1,300 points, reaching a midday high of 43,569, and the S&P 500 and Nasdaq Composite also saw significant gains, with each rising over 2%. The spike assumedly indicates broad investor confidence in the president-elect.

Yahoo Finance also reported that these increases signal investor relief over the resolved election outcome, eliminating uncertainties related to potential disputes. Tesla stock soared 14% as markets anticipated significant advantages for the electric vehicle giant under Former President Trump's pro-business administration, says Yahoo Finance. 

Wedbush analyst Dan Ives noted Tesla's strong position in shaping the EV industry's future to Yahoo Finance, particularly with a competitive edge against cheaper Chinese EVs due to expected tariffs: “Tesla has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players (BYD, Nio, etc.) from flooding the US market over the coming years.” This news comes after Elon Musk endorsed the former president just weeks before his win.

Cryptocurrency markets likewise reacted positively. President-elect Trump expressed intentions to boost the US as a digital currency leader during his campaign. Yahoo Finance reported that Bitcoin prices rose sharply amid speculation of a more crypto-friendly regulatory landscape under Trump's leadership. According to Dow Jones Market Data, annually the largest cryptocurrency by market value is up more than 90% from its 52-week low of $35,027.44, hit on Nov. 6, 2023. 

Great Hill Capital Chairman Thomas Hayes commented on Fox Business that “lower regulation and lower taxes” are driving the market's enthusiasm. A recent CNN report noted in agreement that the shocking election of Trump has everything to do with the current state of the economy, saying that President Biden and Vice President Kamala Harris failed to gain back the trust of Americans by not improving their financial situation.  

After President-elect Trump ran much of his campaign on improving record-high inflation and the economy, these spikes in the stock market shine an optimistic light on the next four years under his presidency. Senator JD Vance—Trump’s vice president pick—highlighted Trump's focus on economic growth during a speech, remarking, "We're going to lead the greatest economic comeback in American history."