This story was originally published by the WND News Center.
U.S. stocks surged to record-breaking highs Wednesday after President-elect Donald Trump won the 2024 presidential election against his opponent Vice President Kamala Harris.
According to a report from the New York Times, the U.S. dollar strengthened, while government bond yields soared. It is not unusual to have a buzz of activity post-election, however, analyst Kristina Hooper, chief global market strategist at Invesco, told the NYT the reaction from traders looks strong.
"What we are seeing is a visceral reaction to a surprising outcome given very tight polling … Markets are reacting positively to a decisive victory," Hooper said.
The report notes the S&P 500 rose by 2.5%, the largest in two years, while the Dow climbed by 3.6%. Smaller company tracker Russell 2000 also broke a two-year record, soaring upwards by almost 5%.
Bitcoin's value increased exponentially, reaching a record high after Trump had to make the U.S. the "crypto capital of the planet," and promised to ease the Biden administration's regulations on cryptocurrency.
Tesla stock rose by almost 15%, while the price of gold fell. Shares in private prisons were bumped up more than 40 percentage points, while sectors that support business growth like energy increased in value by 10%.
Brigg MacAdam Ltd's founding partner Greg Swenson who is based in London, said during an interview with Fox News host Maria Bartiromo, the news of Trump's win excited investors abroad.
"Really exciting news here. You could see it in the European markets, you can see it in the Asian markets even, and so I think the 'Trump Trade' is back on, obviously. It's really in many ways, the Trump deregulation trade, and I think maybe the European countries could take a page out of Trump's playbook and think about deregulation," Swenson said.
Swenson said investors are most excited about deregulation, which has stimulated investments like Bitcoin.
Two days prior to the election, the U.S. stock market had dipped according to the Associated Press, with the S&P 500 and the Nasdaq falling 0.3% respectively, while the Dow fell by 0.6% or 257 points.
While the U.S. economy seems to be on the upswing, the good fortune has "rattled" some of the U.S. biggest adversaries, including China, according to a report from Fox News.
On Trump's victory, the Chinese Foreign Ministry stated they want cooperation and peace with the U.S., and want to handle China-U.S. relations with the "principles of mutual respect."
However, experts have said that China's President Xi Jinping will be feeling "rattled" by Trump's win, and the relationship between the two nations will likely hang on three key issues; trade, technology, and Taiwan.
Hayman Capital Management founder and CIO Kyle Bass, said during an interview with Fox Business Trump will be an effective negotiator with China, after small business owners voiced concerns about how tariffs on Chinese imports – which could possibly reach 60% – on will affect their companies.
"I think it's important to note that we have had all the indications of Xi Jinping's belligerence, and his limitless partnership with Putin … The cooperation you've seen between China, Russia, Iran, and North Korea, it is an axis of evil that the allied West is up against," Bass said.
Larger American companies like Dollar Tree and Dollar General have also taken a hit because they rely on Chinese goods for their stock. Bass said he has no sympathy for companies who source their materials from China.
"They've had plenty of time to kind of move their supply chain somewhere else. We have a saying in our office that if U.S. national security was left up to the private sector, we'll all be speaking Chinese tomorrow."
Bass added solid leadership is the only way America can untether itself from its "mortal enemy."
"China has shown you and shown us whether you read the director of National Intelligence's threat assessment report to Congress each year, or whether you listen to FBI Director Ray … the intelligence community, they all know who our mortal enemy is."
