The Dow Jones industrial average hit a new all-time intraday high shortly after the open, and traded more than 150 points higher,
— CNBC Now (@CNBCnow) November 10, 2016
The S&P 500 gained nearly 0.8 percent, with financials rising more than 3 percent to lead advancers. Bank stocks also soared, with the SPDR S&P Bank ETF (KBE) rising more than 5 percent to its highest level since September 2008.
The Nasdaq composite gained 0.9 percent, with the iShares Nasdaq Biotechnology ETF (IBB) ripping more than 3 percent higher.
“The momentum across the macro universe spawned in the wee hours of the morning after Donald Trump’s shocking victory continues. Traders have driven stocks higher in anticipation of a massive fiscal stimulus,” said Jeremy Klein, chief market strategist at FBN Securities, in a note.
“Although the dollar has soared in the past twenty-four hours, gold has also climbed as inflation expectations have started to build,” he said.
As we previously reported, when 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 reported, 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.
It’s open to debate, but I credit this rally to conciliatory speeches from both Donald Trump in his victory speech and Hillary Clinton in her concession speech and the potential for growth policies to be put forward with a Republican president and Republican-controlled Congress.