For ads-free news, click here.
The “red wave” that secured President-elect Trump’s second term also boosted U.S. markets. The Dow Jones and S&P 500 hit record highs, rising 4.7% and 4.6% for the week, respectively, while the Nasdaq reached its 31st record close of 2024, gaining 5.7% over the week.
“Contrary to popular belief, under a Republican president, you really don’t want gridlock. You don’t want a split Congress because the best returns since World War II have come under a red wave when the president and both houses of Congress were controlled by the Republicans,” CFRA Chief Investment Strategist Sam Stovall said during an appearance on “Making Money with Charles Payne,” according to a Fox Business report. “In that case, the market was higher by an average of 13% per year, rising 75% of the time. So, the scenario we have right now is the best for a Republican president.”
Stovall also noted that small-cap stocks, which are primarily domestic, typically see a 14% annual rise in a “red wave.”
This week, Republicans gained Senate control, and as of Friday, they lead in House races. Trump won both the popular and electoral vote, securing his return as the 47th president in January 2025.
Stock futures spiked and continued rallying throughout the week of Trump’s win. The Dow soared an unprecedented 1,500 points Wednesday, touching 44,000 later in the week for the first time.
BREAKING 🚨 The U.S. stock market has hit an all-time high as investors flood the market on Trumps Victory. pic.twitter.com/wLzsfqtuql
— The Patriot Oasis™ (@ThePatriotOasis) November 6, 2024
The Dennis Michael Lynch Podcast archive is available below. Never miss an episode. Subscribe to the show by downloading The DML News App or go to Apple Podcasts.
