Dow Jones surges over 1,100 points as Trump declared winner of presidency
The Dow Jones Industrial Average surged by over 1,100 points Wednesday morning following President-elect Donald Trump securing the White House.
The Dow soared by nearly 3%, marking the first time the figure has jumped more than 1,000 points in a single day since November 2022. Both the S&P 500 and the Nasdaq Composite also increased, with each gaining nearly 2% Wednesday.
The surges came amid the Associated Press calling the 2024 presidential race for Trump.Michael Block, the chief operating officer of AgentSmyth, told the fact that the election was decided relatively quickly likely played a role.
"There's clarity: We're not going to see another January 6th event. The market is breathing a huge sigh of relief on that," Block reportedly said. "The mainstream consensus was that we weren't going to know. And we know."
The economy was one of Trump's biggest talking points while campaigning. Initial exit polling conducted by CNN Tuesday the subject was the second-most important issue to voters, with 31% indicating it was at the top of their minds. It only trailed democracy at 35%.
The Conference Board's latest Consumer Confidence survey found most respondents expected stocks to rise over the next year, even with the election occurring. Just over 51% of participants said last month they expected to see the shift, marking the highest figure since the question was first asked in 1987.
In 2020, Trump predicted that the stock market would "crash" if then-former Vice President Joe Biden won the White House. U.S. Bank in September that the S&P 500 was up approximately 48% since Biden stepped into the presidency.
