When the United States—really, the entire world—came to the realization last night that Donald Trump would become the biggest 45th president of the United States, investors hastily reacted, sending the Dow down 800 points at one point during the evening.
Not only were investors selling stocks, but they were getting rid of oil, the Mexican peso, and even the American dollar; gold, a traditional safe-haven, however, and the Japanese yen soared, demonstrating “the hallmarks of what traders usually describe as a flight to safety,” according to the New York Times.
But as the night wore on, the markets made their way back to more comfortable numbers. As of 11:30 AM EST, the S&P 500 is up 0.68%, the Dow is up 0.75%, and the Nasdaq is up 0.70%. Gold and silver are still in the green, increasing 0.98% and 2.05%, respectively, but crude oil is down about 0.4% to $45.42 a barrel.
The FTSE 100, Britain’s blue chip stock index, closed the day up 1%, but Japan’s Nikkei 225 fell over 5% at the close of trade Wednesday. Germany’s DAX ended the day up 1.56%, while Spain’s IBEX closed today down 0.40%.
Looking at currency, the biggest reaction to Trump’s win was the Mexican peso, which saw 13% of its value disappear, the largest plunge in over 20 years. "It’s an unmitigated disaster," Jorge Castañeda, a former Mexican foreign minister, told the New York Times. "There are very few tools to fix the relationship." Now, there are fears Mexico could slide into a recession.
Big U.S. stock movers today are Corrections Corporation of America (CXW - Free Report) , having gained over 40% in trading today. Infrastructure giant Caterpillar (CAT - Free Report) is seeing a nice boost today, up over 7% to $90.76 per share. Under the Obamacare umbrella, healthcare stocks like Tenet Healthcare (THC - Free Report) and HCA Holdings (HCA - Free Report) are taking a beating, down 25% and 14.6%, respectively. Solar stocks like SunPower Corp. (SPWR - Free Report) are plummeting as well, down around 15% today.
While half of the country is cheering the outcome of the 2016 presidential election, the other half is dealing with hard disappointment. Like Hillary Clinton said in her concession speech just a bit ago, we must come together and give Donald Trump “a chance to lead” this divisive, uncertain country. Even though we, as a nation, sharply disagree on many of this election’s core issues, I think we can all agree on one thing: thank God it’s over.
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