Money Man: Trump Election Win Sparks Record-Setting Stocks and Sends Dollar Soaring — as America's Harris-Backing Congratulates The Don
Donald Trump's election win has led to record-setting stocks.
Nov. 7 2024, Published 11:50 a.m. ET
Donald Trump's win has already sent the stock market soaring just one day after he was elected the 47th United States president.
While the Republican's upcoming stint in the White House has plenty of question marks, banks are already on the rise — and even JPMorgan's CEO has stepped in to congratulate him despite previously supporting his rival, RadarOnline.com can reveal.
The stock market has seen a substantial rise following Trump's victory in the 2024 presidential election.
The S&P 500 surged 2.5%, marking its best day in nearly two years. The Dow Jones Industrial Average soared 1,508 points, or 3.6%, while the Nasdaq composite rose 3%. All three indexes surpassed recent record highs.
Capital One Financial rose 15%, and Discover Financial surged 20.2%, among the market’s biggest gains. Investors are speculating that their upcoming merger will face fewer regulatory obstacles under Trump’s administration.
JPMorgan's CEO put out a memo congratulating Trump's victory over Harris.
As JPMorgan Chase saw a substantial rise, its CEO Jamie Dimon sent out a memo to staff congratulating Trump for defeating Kamala Harris.
The support came after Dimon privately backed the Democrat's campaign ahead of Tuesday's election and said he would not accept any offer to join Trump's administration.
Peter Esho of Esho Capital said: "The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook."
JPMorgan Chase also jumped 11.5%, leading financial stocks to post the largest gain among the 11 sectors of the S&P 500.
In a statement on Wednesday, JPMorgan Chase executives mentioned the message from Dimon — who has served as CEO for 19 years — as polls were closing.
It read: "As Jamie said yesterday, we must now 'begin the work of bringing our nation together and focusing on the pressing economic and global issues before us.'"
Trump has promised to repeal many Biden administration policies aimed at fighting climate change.
"Our firm has a long history of working across the political spectrum and looks forward to engaging the new administration and elected officials in both parties."
Dimon also called the presidential election "one of the hardest fought and at times divisive elections in our recent history" in a statement to the Wall Street Journal.
He said: "Soon it will be time for all of us to unite behind our President elect and all of our national leaders."
"We must begin the work of bringing our nation together and focusing on the pressing economic and global issues before us."
Jamie Dimon privately backed and showed support for Democratic candidate Harris before Tuesday's election.
While the market tends to rise whether its a Republican or Democrat who takes office, investors are wondering how Trump's plan of higher tariffs and lower tax rates will play out.
Trump's ability to drive change will likely depend on whether his fellow Republicans secure control of Congress, a result still to be determined.
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Along with a rise in bank stocks, cryptocurrency and Tesla are also on the upswing.
Trump has been passionate about making America the "crypto capital of the world", and so far, things are headed in the right direction — with Bitcoin soaring to an all-time high above $75,000, up 7%, according to Coindesk.
Other cryptocurrencies are also up, including dogecoin — a favorite of Elon Musk. Coinbase, a crypto-related company, also jumped 19.4%.
Speaking of Musk, it's no surprise to see Tesla on the rise with a 15.1% jump — while its rival Rivian Automotive fell 7.3%.
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