Wall Street votes for Trump with stocks soaring the day after the election

Stocks hit all-time highs following early morning news that former President Donald Trump is once again President-elect Donald Trump. U.S. yields jumped and the dollar had its best day since 2022 as investors cheered the Republican's return to the presidency and the potential for his party's increasingly apparent control of both chambers of Congress. The last time this happened, Republicans and Trump pushed through a multitrillion-dollar tax cut that mostly benefited corporations and the wealthy. Trump has promised that Congress should renew parts of the law, among a number of other proposals. On Wednesday, the S&P 500 rose 2.5% on bets that the 78-year-old, the oldest new president in American history, will spend the next four years pushing through a series of laws sought by corporate America become. The benchmark had its best post-election day in history, with the small-cap index rising 5.8% as bets on lower taxes and regulation boosted banks.

Meanwhile ““Fear Gauge” has fallen the most since August, almost 19 billion shares changed hands on U.S. exchanges, 63% more than the daily average over the past three months. Even the Dow Jones Transportation Average jumped to a new high after a three-year record drought. “The biggest takeaway from last night is that we got reassurance that the market was demanding it,” said Ryan Grabinski of Strategas. “This will increase the confidence of both companies and consumers. Attention should now turn to tomorrow’s Federal Reserve meeting.”