Ken Fisher, founder and chairman of Fisher Investments, says the only time the market does poorly in an election year is when there's already a bear market.
US stock futures rose as Donald Trump is expected to defeat Vice President Kamala Harris in one of the most controversial elections in US history.
Dow futures spike: 3:30 a.m. ET
Dow futures soared more than 1,000 points before falling after President Trump took to the stage at his Florida headquarters to thank his supporters and pledge to rebuild the country.
“We're going to give you your money back. We're going to do our best job. We're going to turn things around. We've got to turn things around, and we've got to turn them around quickly.” And we need to…turn around,'' President Trump said.
The S&P 500 and Nasdaq futures also rose more than 1% in the morning.
Dow Jones Industrial Average
President Trump invited J.D. Vance, who will become the new vice president, to the podium and spoke about the revival of the U.S. economy, which is the most important issue in the election.
“We will lead the greatest economic recovery in American history, under the leadership of Donald Trump,” Vance told the audience.
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Americans have been hit by soaring inflation in recent years. Although the rate has fallen from its peak of 9%, prices for daily necessities such as food remain high.
The Fox project features Donald Trump and Ohio Sen. J.D. Vance being elected as the next president and vice president of the United States. The two spoke at an election night event on Wednesday, Nov. 11, at the Palm Beach Convention Center in West Palm Beach, Florida. (Eva Marie Uzcategui/Bloomberg via Getty Images/Getty Images)
Even before Trump emerged as the winner, stock futures had been steadily rising, building on Tuesday's rally, with all three major market averages up more than 1% as all major sectors of the S&P 500 locked in gains. did.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| Me: DJI | Dow Jones Average | 42221.88 | +427.28 |
+1.02% |
| SP500 | S&P500 | 5782.76 | +70.07 |
+1.23% |
| I: Comp | Nasdaq Composite Index | 18439.170746 | +259.19 |
+1.43% |
Ken Fisher, founder and chairman of Fisher Investments, said in an interview with Kabuto Coast to Coast ahead of the election results, “What the election results will bring is some reduction in uncertainty. “Yes,” he said, referring to either party winning.
Markets rose in the lead-up to the election, with the S&P 500 and Nasdaq Composite up more than 20% annually, and the Dow Jones Industrial Average up 12%.
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President Trump also praised Tesla CEO Elon Musk, calling the world's richest man an emerging star. Musk has appeared on Trump's campaign trail and recently headlined a rally at New York City's Madison Square Garden. President Trump also praised UFC CEO Dana White, another avid supporter.
Tesla and SpaceX CEO Elon Musk speaks at Donald Trump's rally at Madison Square Garden in New York on October 27, 2024. (Angela Weiss/AFP via Getty Images/Getty Images)
Cryptocurrencies were riding the wave as Bitcoin hit a new all-time high, trading above the $73,000 level. Both Trump and Harris were seen as crypto advocates, but investors were leaning toward the view that Trump was more friendly toward the industry.
The largest cryptocurrency by market capitalization is up more than 90% from its 52-week low of $35,027.44 on Nov. 6, 2023, according to Dow Jones Market Data.
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