November 7, 2024
Politics

Donald Trump Wins the Presidency, but There’s an Even Bigger Winner Today

Donald Trump Wins the Presidency, but There's an Even Bigger Winner Today

For months, Election Day has been a major event for both the U.S. and Wall Street. While not everything that happens in Washington affects the stock market, the results of the election will decide who shapes the country’s laws and economic policies in the coming years.

While the makeup of Congress is important, most people focus on who wins the presidency. As of 5:42 a.m. ET, based on projections from the Associated Press, former president and Republican nominee Donald Trump has won the presidency again.

Trump has reclaimed the White House. According to AP’s early calls, Trump leads Vice President Kamala Harris 277 to 224 in the Electoral College, with 270 votes needed to win.

Some of Trump’s campaign proposals have raised concerns for economists and investors. For example, he suggested putting high tariffs on imports, especially from China, to boost domestic production. However, this could lead to higher prices for American consumers and businesses and hurt trade relations with China and other allies.

That said, investors did well during Trump’s first term. The Dow Jones, S&P 500, and Nasdaq all saw significant gains, with the Dow up 56%, the S&P 67%, and Nasdaq rising 138%.

With Republicans taking back the Senate and Trump winning, the chance of higher corporate taxes seems unlikely. This could allow major U.S. companies to continue their stock buyback programs.

But there’s an even bigger winner tonight than President-Elect Donald Trump.

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