Markets Rise in Apparent Celebration of Trump Victory

US stock markets are rallying following President-elect Donald Trump’s electoral victory earlier this week. 

President Trump won a record victory over Vice President Kamala Harris on Tuesday, winning both the electoral and popular votes. 

Major US stock indexes rose sharply following Trump’s victory, while the dollar posted historic gains. The dollar rose by about 1.65% against a host of different currencies, including the pound, euro, and the Japanese yen.

Meanwhile, the value of Bitcoin jumped by more than $6,600 to an all-time high of $75,999.

The DOW Jones Industrial Average, S&P 500, and NASDAQ Composite similarly rose by 5%, 4%, and 6%, respectively.  

Investors are rallying in what seems to be an anticipation of an economic boom once Trump assumes office. 

Trump has long campaigned on his economic policies, contrasting them with those of President Joe Biden and Vice President Harris. 

Polls demonstrate voters returned Trump to the White House in a show of support for such economic policies. 

Some of Trump’s economic promises include continuing his tax cuts and enacting wholesale deregulation. 

Trump passed the Tax Cuts and Jobs Act (TCJA), a major tax reform law, in 2017.

The TCJA mainly reduced personal income and corporate taxes among other regulatory tax reforms. However, the TCJA is set to expire in 2025 absent an extension.

Harris had conversely promised she would allow the tax cuts to expire, raising them from 21% to 28%.

Additionally, Trump claimed he would appoint Elon Musk, at his request, to a Federal Commission on Government Efficiency and Regulation, which would produce deregulation and pro-business policy suggestions.