U.S. stock markets and the dollar experienced big gains following Donald J. Trump’s re-election as President. His historic victory sent major U.S. stock indexes, particularly bank stocks, to new heights, while the dollar surged by approximately 1.65 percent against several currencies, including the pound, euro, and yen.
Bitcoin climbed by over $6,600, setting a record at $75,999.04. This was driven by Trump’s emphasis on the cryptocurrency. Pledging a strategic Bitcoin reserve on the campaign trail, he said, “If we don’t do it, China and others are going to be doing it,” adding: “This is the steel industry of 100 years ago.”
As part of his economic agenda, Trump proposed replacing SEC Chair Gary Gensler, who has pushed for stricter regulation in the crypto sector. Additionally, Trump plans to appoint Tesla, SpaceX, and X (formerly Twitter) owner Elon Musk—a prominent figure among cryptocurrency advocates—to oversee an audit of governmental expenditures. Tesla’s shares reacted positively, rising over 14 percent.
In international markets, the pound fell 1.16 percent against the dollar, while the FTSE 100, after early gains, ended the day slightly down. European markets also reacted negatively; the German Dax and French CAC 40 both reported losses at close. In Asia, Japan’s Nikkei 225 index rose 2.6 percent, while the Shanghai Composite dipped slightly, and Hong Kong’s Hang Seng fell by about 2.23 percent.
