Trump's election victory stirs markets: New York Stock Exchange closes with a rally, Bitcoin hits a new record

The New York Stock Exchange closed with a rally following Trump's election victory.

At the close, the Dow Jones index gained over 1500 points, rising 3.57 percent to reach 43,729.93 points.

The S&P 500 index rose 2.53 percent to 5,929.04 points, and the Nasdaq index gained 2.95 percent to reach 18,983.47 points.

The Dow Jones index saw its best daily performance since November 2022. All three indices refreshed their closing records.

Trump's victory in the US presidential election supported the dollar and stocks, while equity markets finished the day with gains.

Analysts stated that the election results have impacted global markets, noting that investors are preparing for fundamental policy and economic changes under the new administration.

TRUMP'S VICTORY STIRS MARKETS

The election results were reflected in market movements. The yield on the 10-year US Treasury bond approached 4.48 percent during the day, reaching its highest level in the last 4 months. It later stabilized at the 4.44 percent level. The 2-year Treasury bond yield also reached 4.28 percent.

The dollar index rose 1.6 percent to 105.10. The dollar also showed a sharp increase against the Japanese yen and the euro, rising by nearly 2 percent.

According to Coinmarketcap data, the price of the cryptocurrency Bitcoin hit a new record, climbing above 76 thousand dollars.

As of 00.00 Turkey time, the price of Bitcoin was 76 thousand 175 dollars, an increase of 9.7 percent. In international markets, the ounce of gold fell by 3 percent to find buyers at 2 thousand 660 dollars. A barrel of Brent crude oil also traded at 75.16 dollars, a decrease of 0.5 percent.

FED EXPECTED TO CUT INTEREST RATES BY 25 BASIS POINTS

Analysts pointed out that the interest rate decision to be announced by the US Federal Reserve (Fed) tomorrow is also being awaited.

In money markets, the probability of the Fed cutting interest rates by 25 basis points tomorrow is priced at 99 percent.

On the other hand, Trump's election victory in the US brought gains to the shares of the former president's media company and the company of his supporter Elon Musk.

While shares of Trump Media & Technology rose by approximately 6 percent, the share price of Tesla, which recorded an increase of nearly 15 percent, saw its highest level of the year.

The rally in the shares of financial companies also drew attention. Shares of US banks JPMorgan Chase rose 11.5 percent, Bank of America shares rose 8.4 percent, and shares of Goldman Sachs and Wells Fargo rose 13.1 percent.

Additionally, with the expectation that the US president-elect will detain more immigrants who entered the country illegally, there were increases in the shares of companies that manage private prisons and detention centers. Shares of private prison operator GEO Group rose 42 percent, and CoreCivic shares rose 29 percent.

News Source: AA