That didn’t take long. An overnight panic in global markets evaporated as Wall Street gave an emphatic welcome to President-elect Donald Trump.
The Dow soared 257 points and brushed up against lifetime highs on Wednesday, in defiance of those who predicted Trump’s election would bring about a plunge in the stock market. The S&P 500 and the Nasdaq rose 1.1% apiece.
The impressive market performance represents a dramatic reversal from the knee-jerk panic in global markets overnight as the results were coming in. Dow futures plummeted nearly 900 points at one point as investors expressed fear that no one would emerge victorious and concern about the inherent uncertainties brought on by a Trump White House.
But a sense of relative calm returned to the markets by morning. The rally gathered momentum midday after Hillary Clinton, Wall Street’s favored candidate, officially conceded.
Market strategists said the upbeat mood in the markets is due in part to Trump’s victory speech, which raised hopes that he will focus on policies that can help the economy and not follow through on some of his extreme campaign positions.
Click here to read more of Matt Egan’s story from CNN Money.
