The U.S. stock market was up dramatically Wednesday, after stock market futures plummeted Tuesday night as it became clear that Donald Trump was going to be elected as the next president of the United States.
“It turns out that President Donald Trump might not be bad for the stock market after all,” reports The New York Times.
The story continues: “Asian stock markets tumbled shortly after Trump overtook Hillary Clinton in the presidential electoral vote count early Wednesday. From there, all signs quickly pointed to a big stumble for Wall Street — that never materialized.”
As the final bell rang on Wall Street today, the Dow Jones Industrial Average was up 256.95 points, or 1.4%. The S&P 500 was up $23.70, or 1.1%. And the NASDAQ was up $57.58, which is also 1.1%
“He took on a remarkably conciliatory posture,” said Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S. Bank, The Times reports. “That went a long way to demonstrating perhaps for the first time, or very few times, his presidential disposition and gave a greater sense of calm. That’s what had an early reprieve in the markets.”
Gainers included the financial sector and health care stocks, the Times notes.
One of the biggest surges in the market was also seen in the stocks of private prisons, reports Bloomberg.
“Donald Trump’s victory in the presidential elections helped shares of Corrections Corp. rise as much as 60 percent before paring their surge to 34 percent by 10:14 a.m. in New York, while GEO Group Inc. was trading 18 percent higher by the same time,” Bloomberg reports.
Bloomberg also quotes analysts at Height Securities LLC writing in a note published this morning that the “mass deportation of illegal immigrants would be likely to run into legal obstacles, ‘further necessitating a sizable contract detention population.’”