DJI: Dow Jones Pumps 1,500 Points as Stocks Hit Records After Trump Win, Fed Meeting Looms

S&P 500 and Nasdaq soared more than 2.5% each after the former President won the White House, defeating Kamala Harris.

• Big day for US stocks across the board. The Dow Jones Industrial Average DJI soared 3.6%, or 1,500 points, in its best day since 2022 after Donald Trump clinched the win in the presidential race against Democrat Kamala Harris. Traders and investors celebrated the success with broad pumps to records — the Dow is now at a record, the S&P 500 is at a record, after gaining 2.5%, and the Nasdaq Composite is at a record after jumping 3% on Wednesday.
• What’s behind the rally? Trump’s agenda calls for lower taxes, more business, deregulation, and policies that favor domestic growth. What’s more, the Republican party is looking to grab the Senate and the House of Representatives, paving the way to easier policy adoption and introduction of new bills and laws. All this should be positive for the US economy (hence the super pump in the US dollar — a 2% gain on the day.)
• In all that fanfare, traders are slow to get back to their day-to-day. Big news coming later in the day — the Federal Reserve is expected to lower interest rates by another 25 basis points, continuing its rate-cutting cycle after the jumbo slash of 50 basis points at policymakers’ last meeting. Brace yourselves for elevated volatility across stocks, forex, and especially cryptocurrency where things are hot — Bitcoin is also at an all-time high of $76,000 per coin.