US stock market hits all-time peak as Trump wins election

On November 6, US stocks surged to record highs following Republican Donald Trump’s dramatic return to the presidency, clinching the 2024 election four years after being ousted from the White House.

The Dow Jones Industrial Average skyrocketed by 2.8% at the start of trading, and by the time of writing, it had risen by 3.07%, reaching 43,519 points, Caliber.Az reports, citing foreign media.

Other major indices also experienced significant gains at the opening bell. The Standard & Poor's 500 climbed by 2%, while the Nasdaq Composite rose by 1.8%.

Experts suggest that Trump’s previously stated positions on industrial and trade policy, along with his plans to cut corporate taxes, are likely to boost the US stock market and could also contribute to rising inflation.

In related news, it was reported that Nvidia, the world’s largest chipmaker, overtook Apple on November 5 to become the most valuable company globally. Nvidia’s stock price jumped by 2.9% on the day, bringing its market capitalisation to $3.43 trillion, surpassing Apple’s $3.38 trillion

On November 6, 2024, former President Donald Trump was re-elected to office, according to the Associated Press, making him the 47th President of the United States. He secured 277 of the 270 electoral college votes required to win the presidency and also claimed victory in the popular vote with 51%. This makes him the first Republican presidential candidate to win the popular vote in 20 years, since President George W. Bush. The Conservative Party also gained a majority in the Senate, with wins in West Virginia, Texas, and Ohio.

By Khagan Isayev