Donald Trump’s projected victory at the polls is giving a fresh boost to stocks.
Dow futures soared nearly 1,400 points, or 3.2%, lifting the blue-chip market into record terrain before the start of trade on Wednesday. S&P 500 futures were up more than 2%, while the tech-heavy Nasdaq Composite also looked set to open strong.
“U.S. equity futures have traded up while election results have been tallied. In our base case, we expect the S&P 500 to rise to 6,600 by the end of 2025, a near-15% price return from current levels, driven by our expectations of benign U.S. growth, lower interest rates and the continued structural tailwind from AI,” Solita Marcelli, Chief Investment Officer Americas, UBS Global Wealth Management, said in an email. “Lower corporate taxes and/or deregulation of the energy and financial sectors under a Trump administration could provide additional support.”
Cryptocurrency is also surging as investors bet that the second Trump administration will benefit the volatile sector. Bitcoin prices rose nearly 8% to a record $75,345.00 in early trading, before dipping to about $73,500.
The former president, who was once critical of digital currencies, pledged during his campaign against Vice President Kamala Harris to make the U.S. the “crypto capital of the planet” and to create a bitcoin “strategic reserve.”
Read more at CBSnews.com
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