Last night as it began to sink in that Donald Trump had once again defied almost all the expert opinions and was about to become the President-elect financial markets, like all of The Donald’s opponents, were Trumped.
At first, the markets tanked, declining further with each state called for Trump. The Dow Jones industrial average futures slid more than 700 points, or more than 4 percent.
But as NPR reports, after Trump was declared the winner, Hillary Clinton phoned in her concession and Trump gave his Presidential-like victory speech, the markets calmed. By morning, Asian Markets were off 5 percent, but European markets closed up and by midday Joe Cunningham reported the stock market bounced back.
The Dow Jones industrial index hit actually hit an all-time high Wednesday, reversing the massive drop triggered by President-elect Donald Trump’s improbable win.
According to the Hill article, Wednesday’s market surge reflects the promise of business-friendly, growth-focused policies from Republicans, who gained control of the White House and maintained control of Congress:
Markets struggled to make sense of Trump’s win. . . . Stocks for private prisons and coal companies boomed, while gun and marijuana company shares fell. Those gains reflect a potential break from President Obama’s move away from private prisons and likely repeal of his administration’s environmental regulations.
Even the Mexican peso, after a yuge plunge of nearly 11 percent to a new record low at 20.30 pesos to the U.S. dollar, stabilized at 19.92 per dollar.