Closing data from the New York Stock Exchange

Donald Trump Wins Second Term; Markets Surge as Dow Futures Jump 1,300 Points, Dollar Soars, Oil Falls

Nov 6, 2024, 01:13 PM

Donald Trump has won the 2024 US Presidential election, securing a second term in the White House. The victory has prompted strong reactions across global financial markets, with Dow futures surging over 1,300 points and the S&P 500 reaching record highs. The dollar has soared against other currencies, leading to a fall in oil prices by over $2 per barrel and a decline in the euro. The biotech index (XBI) is up 3% in pre-market trading. Investors appear optimistic about the prospects of faster economic growth and more market-friendly policies under Trump's administration. Trump's victory is likely to usher in a raft of economic changes at home and abroad, touching everything from foreign trade to the independence of the U.S. central bank. Trump Media shares have also surged more than 30%. World leaders are beginning to congratulate Trump on his victory, although many recall the drama he brought to the world stage during his previous tenure. Meanwhile, there are concerns among firms about potential tariff implications following his election win. Trump's sweeping plans for his second administration signal a new political era for America.