The surprises aren’t letting up as U.S. stocks posted a dramatic turnaround from deep overnight losses, according to an article in Reuters by Noel Randewich.
Election coverage went late into the night on Tuesday, with the AP not declaring Donald Trump as the elected president of the United States until 2:30 a.m. EST.
The run-up to the news created significant turmoil in the market that more than disappeared the next day.
From the piece:
After warning for months that a Trump White House would create uncertainty and damage sentiment, investors poured money into sectors that may benefit from the former reality TV show star’s victory.
That was a steep reversal from the previous night, when financial markets reacted violently as Democrat Hillary Clinton’s path to victory disintegrated and S&P futures ESc1 dropped 5% before a trading limit kicked in.
“The stock market is acting like a teenager. It makes a lot of demands but it doesn’t know what it wants,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.
Check out the three charts below to see how the top stock market indices closed on Nov. 9.
Dow Jones Industrial Average
Nasdaq Composite Index