The stock market hit record highs Wednesday after the presidential race was called. From bank stocks to tech shares to bitcoin, the market saw widespread gains.Experts said that with Trump advocating for lower corporate tax rates, deregulation and industrial policies, investors are expecting an economic boost that will lift stocks. “I don’t know that there are a whole lot of specifics. I don’t know that the markets are trying to price in whether or not Donald Trump will cut taxes on social security for example,” said Michael Armstrong, president of Armstrong Advisory Group.Bitcoin surged to a record high, with the Associated Press reporting a nearly 8% jump in early trading.The S&P 500 rose 2.5%, marking its best day in more than two years, while the Dow Jones Industrial Average climbed 3.6%. The Nasdaq composite gained around 3%. Bank stocks also saw gains, reflecting investor optimism that more customers will take out loans and pay them back with interest. “I think there is a general insinuation that because of the election outcome, growth in the U.S. will be stronger; equity markets are perhaps responding to that,” Armstrong said. Other notable stocks hitting all-time highs include Goldman Sachs and Bank of America. Experts are watching Thursday for the Federal Reserve’s anticipated second rate cut this year, following the first in September.
MANCHESTER, N.H. —
The stock market hit record highs Wednesday after the presidential race was called.
From bank stocks to tech shares to bitcoin, the market saw widespread gains.
Experts said that with Trump advocating for lower corporate tax rates, deregulation and industrial policies, investors are expecting an economic boost that will lift stocks.
“I don’t know that there are a whole lot of specifics. I don’t know that the markets are trying to price in whether or not Donald Trump will cut taxes on social security for example,” said Michael Armstrong, president of Armstrong Advisory Group.
Bitcoin surged to a record high, with the Associated Press reporting a nearly 8% jump in early trading.
The S&P 500 rose 2.5%, marking its best day in more than two years, while the Dow Jones Industrial Average climbed 3.6%.
The Nasdaq composite gained around 3%.
Bank stocks also saw gains, reflecting investor optimism that more customers will take out loans and pay them back with interest.
“I think there is a general insinuation that because of the election outcome, growth in the U.S. will be stronger; equity markets are perhaps responding to that,” Armstrong said.
Other notable stocks hitting all-time highs include Goldman Sachs and Bank of America.
Experts are watching Thursday for the Federal Reserve’s anticipated second rate cut this year, following the first in September.
