Trump’s Win Triggers Market Rally Amid Election Uncertainty

Hong Kong: Share prices and bond yields surged Wednesday as the Republican party gained control of the Senate and former President Donald Trump was leading in the still incomplete vote counts from Tuesday’s election. The full results may not be known for days as officials count all the votes, but investors already were repositioning in anticipation of gains by the Republicans, who took control of the Senate for the first time in four years. The results of the House elections were not yet finalised. Trump won the battleground state of Georgia, a Republican stronghold that had voted for Democrats in 2020. And a win in North Carolina helped Trump narrow Vice President Kamala Harris’ pathways to victory, moving him closer to reaching the 270 electoral votes needed to become the next president. The future for the S&P 500 gained 1.7 per cent and that for the Dow Jones Industrial Average was up 1.8 per cent. The Nasdaq composite future was 1.8 per cent higher, auguring gains for markets on Wednesday. The price of bitcoin jumped 7.7 per cent to a record $75,345.00, as investors bet on a victory for Trump, who has pledged support for cryptocurrencies. Bond yields also surged, with the yield on the 10-year Treasury climbing to 4.4 per cent from 4.28 per cent on Tuesday.