In an unprecedented comeback, Donald Trump secured victory in the 2024 U.S. presidential election, becoming the 47th president with a sweeping win in key swing states like Wisconsin, Michigan, and Pennsylvania. Running against Vice President Kamala Harris, Trump’s campaign reignited strong voter support, appealing to economic concerns, border issues, and fears of global instability. With the GOP regaining Senate control, Trump is set to push a transformative agenda, marking the first instance of a former president returning to power since Grover Cleveland in 1892.
U.S. stocks hit record highs on Wall Street, and the dollar posted its largest gain in eight years after Donald Trump was re-elected to the White House in a historic victory. Bitcoin also surged to a new all-time high, as Trump reiterated his election pledge to prioritize the volatile cryptocurrency.
Investors bet that Trump’s plans to cut taxes and raise tariffs would drive inflation higher and slow the pace of interest rate cuts. Higher interest rates for a longer period would offer investors better returns on savings and dollar-denominated investments.
Markets and currencies responded sharply following the election news:
- U.S. stock indexes soared, with bank stocks leading the rally.
- The dollar jumped 1.65% against major currencies like the pound, euro, and yen.
- The pound dropped 1.16% to its lowest level since August.
- The FTSE 100 initially rose but ended slightly down.
- The euro tumbled 1.89% to its lowest since June, while the German Dax and French CAC 40 fell 1.14% and 0.51%, respectively.
- Japan’s Nikkei 225 rose 2.6%, but China’s Shanghai Composite edged down 0.1%, and Hong Kong’s Hang Seng fell 2.23%.
Tags: #Trump2024, #USElection, #KamalaHarris, #USPolitics, #GOPVictory, #TrumpAgenda, #SwingStates, #USSenate
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