Wall Street cheers Donald Trump’s re-election, S&P 500 and Dow Jones at all-time high | Stock Market News

On Wall Street the S&P 500 and the Dow Jones rose to all-time highs on Wednesday, while the Nasdaq also jumped, as Donald Trump won the 2024 US presidential election.

At the opening bell, the Dow Jones Industrial Average rose 628.5 points, or 1.49 per cent, to 42850.4. The S&P 500 rose 82.1 points, or 1.42 per cent, to 5,864.89, while the Nasdaq Composite rose 333.6 points, or 1.81 per cent, to 18,772.761.

78-year-old Republican Donald Trump recaptured the White House in Tuesday’s election, four years after he was voted out of the White House.

Investors are of the view that Trump presidency will bolster the US dollar as interest rates may need to remain high to combat inflation.

Before the opening bell, futures for the S&P 500 gained 2.2 per cent, futures for the Dow Jones Industrial Average climbed 3.2 per cent, and Nasdaq futures rose 1.6 per cent.

Crude oil

Oil prices fell on Wednesday as the US dollar rallied on Donald Trump’s election as president.

Brent crude oil futures were down $1.04, or 1.4 per cent, at $74.49 per barrel by 1146 GMT, while US West Texas Intermediate (WTI) crude fell $1.04, or 1.4 per cent, to $70.95 per barrel.

Bullion

Gold prices dropped on Wednesday as the US dollar rallied after victory for Donald Trump in the presidential election stoked concerns about tariffs and economic growth.