Connect with us

CBS News

Donald Trump election win turbocharges stocks, cryptocurrency and Trump Media

Avatar

Published

on


Donald Trump becomes president-elect after 2024 election


Donald Trump becomes president-elect after 2024 election

03:34

Donald Trump’s projected victory at the polls is giving a fresh boost to stocks.

Dow futures soared nearly 1,400 points, or 3.2%, lifting the blue-chip market into record terrain before the start of trade on Wednesday. S&P 500 futures were up more than 2%, while the tech-heavy Nasdaq Composite also looked set to open strong. 

Cryptocurrency is also surging as investors bet that the second Trump administration will benefit the volatile sector. Bitcoin prices rose nearly 8% to a record $75,345.00 in early trading, before dipping to about $73,500. 

The former president, who was once critical of digital currencies, pledged during his campaign against Vice President Kamala Harris to make the U.S. the “crypto capital of the planet” and to create a bitcoin “strategic reserve.”

“Bitcoin is the one asset that was always going to soar if Trump returned to the White House,” said Russ Mould, investment director at AJ Bell, a British online investment platform. 

“Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” he added.

The Republican Party’s electoral success on Tuesday, which included winning control of the Senate, is also benefiting Trump’s personal finances by boosting the stock price of Trump Media & Technology Group. Shares in the company, which owns the social network Truth Social and in which Trump owns a stake valued at more than $5 billion, jumped nearly 38% to $46.80 before markets opened. 

Although markets have pushed to new highs this year, Wall Street analysts warn that some of Trump’s key policy proposals could rekindle U.S. inflation, dampen economic growth and drive up the nation’s debts. 

The Federal Reserve will offer its latest readout on the state of the economy on Thursday, with Wall Street analysts expecting the central bank to lower its benchmark interest rate by a quarter of a percentage point. The Fed in September dropped borrowing costs by 0.50 percentage points, its first cut since 2020.

contributed to this report.



Read the original article

Leave your vote

CBS News

Voters decide on abortion rights in 10 states

Avatar

Published

on


Voters decide on abortion rights in 10 states – CBS News


Watch CBS News



Voters in 10 states voted on enshrining reproductive rights in their state’s constitution. “CBS Mornings Plus” co-anchor Adriana Diaz breaks down the results.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

Battle for control of House after Republicans take Senate, White House

Avatar

Published

on


Battle for control of House after Republicans take Senate, White House – CBS News


Watch CBS News



CBS News has projected former President Donald Trump will return to the White House as Republicans also gain control of the U.S. Senate. All eyes are now on the battle for control of the House of Representatives. Republican Rep. Byron Donalds joins “CBS Mornings” to discuss the state of the legislature.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

What exit polls show about the gender gap in the 2024 presidential race

Avatar

Published

on


What exit polls show about the gender gap in the 2024 presidential race – CBS News


Watch CBS News



CBS News senior White House and political correspondent Ed O’Keefe explains how the gender gap played a role in the 2024 presidential race between Vice President Kamala Harris and former President Donald Trump.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.