Briefs

Trump’s reelection causes stock market surge

November 6, 2024 Brooklyn Eagle Staff

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WALL STREET — THE U.S. STOCK MARKET GAVE AN ENTHUSIASTIC NOD to President-elect Donald Trump’s victory by soaring. The Dow Jones Industrial Average surged 1,508 points, or 3.6%, while the Nasdaq composite jumped three percent, reports the Associated Press. All three indexes topped records they had set in recent weeks. Elon Musk’s Tesla, banks and bitcoin all surged higher Wednesday as investors wagered on the global economic impact of Trump’s return to the White House. Although the stock market has historically tended to rise regardless of the party winning the White House, new Republican control should shift which industries are impacted the most, either for better or worse. During his campaign, Trump had promised higher tariffs, lower taxes and less regulation of industries, which many of his opponents say would reduce consumer protections and raise prices.

Potential losers could be the renewable energy industry and regular Americans for whom inflation will hit at the grocery store and in other ways, including those who voted for Trump.

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