Markets

Global stock markets surge as US dollar strengthens amid Trump’s victory

US dollar saw biggest single-day gain since March 2020, rising 1.5% against major currencies

Global stock markets surge as US dollar strengthens amid Trump’s victory
grayscale photo of Wall St. signage

Global stock markets saw gains, while the US dollar has surged as traders worldwide react to Donald Trump winning the US presidential election.

Analysts said the Republican win offered certainty for the future of the world’s biggest economy.

The Dow Jones Industrial Average surged by 3.26%, reaching 1,378.27 points. The S&P 500 Index gained 1.93%, closing at 111.42 points. The NASDAQ Composite also saw a significant rise, increasing by 2.53% to 467 points.

In contrast, the FTSE 100 Index in the UK experienced a slight decline of 0.03%, ending at 8,169.56 points. Meanwhile, Japan's NIKKEI 225 Index gained 2.61%, closing at 1,005.77 points. The S&P Europe 350 Index saw a modest increase of 0.06%, finishing at 2,069.34 points.

The pound dropped sharply to around 1.2909 against the dollar on Wednesday morning in London.

This significant sell-off happened as traders anticipated changes in US economic policy with a new administration.

Meanwhile, the US dollar saw its biggest single-day gain since March 2020, rising 1.5% against major currencies.

Comments

See what people are discussing

More from Business

Pakistan's National Savings Organization reduces profit rates amid continuous monetary easing

Pakistan's National Savings Organization reduces profit rates amid continuous monetary easing

Analysts predict further interest rate cut as inflation hits 79-month low

More from World

Assad's fall brings 'the moment' to rid Syria of chemical weapons

Assad's fall brings 'the moment' to rid Syria of chemical weapons

OPCW urges Syria to declare and destroy all banned chemical weapons, monitoring key sites with ‘special attention’