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Former US President Donald Trump talks to reporters while standing with his attorney Todd Blanche at the end of the day of his trial for allegedly covering up hush money payments linked to extramarital affairs, at Manhattan Criminal Court in New York City, on May 14, 2024. Justin Lane, AFP/File

Former US President Donald Trump talks to reporters while standing with his attorney Todd Blanche at the end of the day of his trial for allegedly covering up hush money payments linked to extramarital affairs, at Manhattan Criminal Court in New York City, on May 14, 2024. - Trump's former personal attorney Michael Cohen returns to the witness stand on Tuesday for what is expected to be a tough grilling by the ex-president's lawyers at his historic hush money trial. (Photo by JUSTIN LANE / POOL / AFP)

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Donald Trump

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1730909728155AFP__20240514__34RM2MV__v1__Preview__UsPoliticsJusticeCourtTrump.jpg" style="width:960px" class="fr-fic fr-dib" alt="Former US President Donald Trump talks to reporters while standing with his attorney Todd Blanche at the end of the day of his trial for allegedly covering up hush money payments linked to extramarital affairs, at Manhattan Criminal Court in New York City, on May 14, 2024. Justin Lane, AFP/File"/><span class="fr-inner" style="text-align:left">Former US President Donald Trump talks to reporters while standing with his attorney Todd Blanche at the end of the day of his trial for allegedly covering up hush money payments linked to extramarital affairs, at Manhattan Criminal Court in New York City, on May 14, 2024. <em>Justin Lane, AFP/File</em></span></span></span></div><p>LONDON -- Wall Street rallied into record territory, the dollar soared and bitcoin scaled a new peak Wednesday as the world gears up for another Donald Trump presidency.</p><p>The Republican candidate made a stunning political comeback as he defeated Vice President Kamala Harris to return to the White House, four years after losing it to Joe Biden.</p><p>The Dow jumped three percent while the S&amp;P 500 and Nasdaq Composite added two percent in early deals.</p><p>&quot;The rationale behind the US stock market rally is that Trump is seen as business-friendly and will be able to pass his tax cuts through easily without much resistance from the Democrats who have lost control of the Senate,&quot; said City Index and FOREX.com analyst Fawad Razaqzada.</p><p>Briefing.com analyst Patrick O&#x27;Hare said Trump&#x27;s policies &quot;which feature lower tax rates and deregulation among the cornerstones, are being heralded by the stock market as pro-growth policies that will be a boon for corporate profit growth&quot;.</p><div><a class="fr-green fr-strong" href="https://news.abs-cbn.com/world/2024/11/6/trump-wins-white-house-in-stunning-comeback-1843">READ: Trump wins White House in stunning comeback</a></div><p>But in a sign that investors are also nervous about the impact of Trump&#x27;s protectionist policies, European stock markets gave up strong earlier gains to slip into the red in the afternoon.</p><p>Asian stocks diverged, with Chinese stocks hit by expectations that Trump would impose tariffs on Chinese imports.</p><p>Market focus was also on plans to stimulate China&#x27;s economy, the world&#x27;s second biggest after the United States.</p><p>Trump tax cuts, while good for corporate profits, are seen as inflationary and therefore leading to fewer interest-rate cuts by the Federal Reserve in the coming months.</p><p>That boosted the dollar against main rivals, with the greenback up around two percent against the euro.</p><p>The Fed announces its latest rate decision on Thursday.</p><p>&quot;With the Federal Reserve expected to announce a likely 25 basis-point cut tomorrow, we are already seeing expectations reined in for the December meeting given the perception that Trump&#x27;s policies are inherently inflationary,&quot; forecast Joshua Mahony, analyst at traders Scope Markets.</p><p>US Treasury yields also won support Wednesday.</p><p>&quot;Investors are bracing for tariffs and a clampdown on (US) immigration, policies considered to be inflationary which are likely to mean interest rates may be more elevated in the years to come,&quot; said Susannah Streeter, head of money and markets at Hargreaves Lansdown.</p><p>She added that &quot;expectations are high that a Trump presidency will mean fewer regulations on big tech and big finance&quot;.</p><p>Shares in Tesla soared nearly 13 percent after Trump praised the electric car maker&#x27;s boss Elon Musk, a key campaign backer, as a &quot;star&quot; during his victory speech.</p><div><a class="fr-green fr-strong" href="https://news.abs-cbn.com/world/2024/11/6/world-leaders-praise-trump-as-he-claims-us-election-win-1726">READ: World leaders pledge to work with Trump as he wins US election</a></div><div><strong>- Bitcoin record -</strong></div><script data-wid="auto" type="text/javascript" src="https://content.viralize.tv/display/?zid=AAEyze-tm4MR6kEa&amp;cid=ABP5LZt-AO_UcZrk&amp;activation=click&amp;vip_mode=playing&amp;vip_position=bottom-right"></script><p>Bitcoin sprung $6,000 higher to a record $75,371.67, topping its previous peak of nearly $74,000 in March.</p><p>Trump has pledged to make the United States the &quot;bitcoin and cryptocurrency capital of the world&quot; and to put tech billionaire Musk in charge of a wide-ranging audit of governmental waste.</p><p>Elsewhere, oil prices slid &quot;amid expectations that under Trump more crude will flow from US wells&quot;, Streeter added.</p><p>&quot;Another Trump presidency is likely to place emphasis on energy independence and his policies are likely to favor fossil fuels, promoting deregulation in the oil, gas, and coal industries,&quot; she said.</p><div><strong>- Key figures around 1435 GMT -</strong></div><ul><li>• New York - Dow: UP 3.0 percent at 43,498.53 points</li><li>• New York -S&amp;P 500: UP 2.0 percent at 5,900.28</li><li>• New York - Nasdaq Composite: UP 2.1 percent at 18,829.53</li><li>• London - FTSE 100: UP 0.2 percent at 8,186.52</li><li>• Paris - CAC 40: DOWN 0.1 percent at 7,398.15</li><li>• Frankfurt - DAX: DOWN 0.5 percent at 19,154.15</li><li>• Euro/dollar: DOWN at $1.0702 from $1.0930 on Tuesday</li><li>• Pound/dollar: DOWN at $1.2842 from $1.3035</li><li>• Dollar/yen: UP at 154.45 yen from 151.60 yen</li><li>• Euro/pound: DOWN at 83.36 from 83.82 pence</li><li>• Tokyo - Nikkei 225: UP 2.6 percent at 39,480.67 (close)</li><li>• Hong Kong - Hang Seng Index: DOWN 2.2 percent at 20,538.38 (close)</li><li>• Shanghai - Composite: DOWN 0.1 percent at 3,383.81 (close)</li><li>• West Texas Intermediate: DOWN 1.8 percent at $70.70 per barrel</li><li>• Brent North Sea Crude: DOWN 1.8 percent at $74.17 per barrel</li></ul><div><strong>© Agence France-Presse</strong></div>

<p>Wall Street rallied into record territory, the dollar soared and bitcoin scaled a new peak Wednesday as the world gears up for another Donald Trump presidency.</p>

Wall Street rallied into record territory, the dollar soared and bitcoin scaled a new peak Wednesday as the world gears up for another Donald Trump presidency.

Wall Street smashes records, dollar soars as Trump wins

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Wall Street smashes records, dollar soars as Trump wins

Agence France-Presse,

Ben Perry

Published Nov 07, 2024 01:20 AM PHT

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