Great Hill Capital Chairman Thomas Hayes discusses how long the stock market rally will last after Trump’s election victory for ‘Varney & Co.’
US stocks rose on Wednesday as Donald Trump defeated Vice President Kamala Harris in one of the most controversial elections in US history.
The Dow Jones Industrial Average jumped more than 1,000 points in the opening bell on Wednesday morning, continuing the climb seen in the pre-market session after the president-elect took the stage at his headquarters in Florida this morning, thanking his supporters and promising to take the country back. .
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES QUANTITIES | 43538.88 | +1,317.00 |
+3.12% |
“We’re going to pay you. We’re going to do a better job. We’re going to turn it around. It has to be changed, and it has to be changed quickly. And we’re going to go. Respond,” Trump said.
The Dow Jones Industrial Average
The S&P 500 and Nasdaq Composite also saw big gains of more than 2%. All three major market prices are at record levels.
“This is what low regulations and low taxes look like,” said Great Hill Capital Chairman Thomas Hayes during an appearance at Varney & Co.
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 5901.67 | +118.91 |
+2.06% |
| I: COMP | NASDAQ COMPOSITE INDEX | 18843.229703 | +404.06 |
+2.19% |
Trump invited JD Vance, the new vice president, to speak, and he talked about reviving the American economy, a top issue of the election.
“We will lead the greatest economic recovery in American history under the leadership of Donald Trump,” Vance told the crowd.
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Americans have faced skyrocketing inflation in recent years. Although it decreased from 9%, the prices of everyday items such as food remained high.
Fox projects Donald Trump and Sen. JD Vance of Ohio was elected the next president and vice president of the United States. The pair spoke at an election night event at the Palm Beach Convention Center in West Palm Beach, Fla., on Wednesday, Nov. (Eva Marie Uzcategui/Bloomberg via Getty Images/Getty Images)
Even before Trump appeared to emerge victorious, stock futures had been rising slightly, building on Tuesday’s session in which all three major markets rose more than 1% as all major sectors of the S&P 500 locked in gains.
“What the election results do is provide us with a certain level of uncertainty,” said Ken Fisher, chairman and founder of Fisher Investments, during an interview with “Cavuto Coast to Coast” before the election results.
Markets rallied on the election, with the S&P 500 and Nasdaq Composite up more than 20% for the year, and the Dow up 12%.
NATIONAL DEBT TRACKER
Trump also praised Tesla CEO Elon Musk, calling the world’s richest man a new star. Musk hit the Trump campaign trail, most recently making headlines at Madison Square Garden in New York City. Tesla shares gained from Trump’s victory.
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| TSLA | Company TESLA INC. | 287.26 | +35,82 |
+ 14.25% |
Trump also spoke highly of Dana White, the CEO of the UFC, another fitness supporter.
Tesla and SpaceX CEO Elon Musk speaks at Donald Trump’s rally at Madison Square Garden in New York Oct. 27, 2024. (Angela Weiss/AFP via Getty Images/Getty Images)
Cryptocurrencies were also riding the wave as Bitcoin touched a new high, trading above the $74,000 level. While both Trump and Harris were considered pro-crypto, investors are counting on Trump to be more favorable to the industry.
For the year, the largest cryptocurrency by market capitalization is up more than 90% from its 52-week low of $35,027.44 hit on Nov. 6, 2023, according to Dow Jones Market Data.
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