- The Dow Jones hit a fresh record high after Trump looks set to defeat Harris for the White House.
- The decisive election result sends stock markets into a frenzy with hopes for deregulation.
- The Dow rose 3.6% for the week and bank stocks soared.
The Dow Jones Industrial Average (DJIA) hit a fresh record high on Wednesday, hitting 43,700 after the U.S. presidential candidate looked set to steal victory from Democratic nominee and current Vice President Kamala Harris. Stocks are rising on expectations of stock-friendly moves by incoming President Donald Trump, especially hopes for further deregulation in the banking sector.
The US presidential election is not over yet, and in some key battlegrounds it will be some time before a final decision is made, but markets believe the outcome has been decided, with Republican candidate and former president Donald Trump expected to win 276 electoral votes. With Republicans also set to take back both the Senate and Congress, investors expect a pro-growth environment with more deregulation as well as additional or extended business tax cuts.
Dow Jones News
As of Wednesday, about two-thirds of the Dow Jones board is green. Companies weighed down by physical inventory and logistics, such as Home Depot (HD) and Nike (NKE), were left out of the post-election wave, with Home Depot falling nearly 4% to $385 per share and Nike retreating 3.5%. up to $75 per share.
On the upper end, Goldman Sachs (GS) and JPMorgan Chase (JPM) prices hit the upper atmosphere, rising over 12% and 10%, respectively. Goldman Sachs will hit $595 a share and JPMorgan Chase will top $245 a share.
Dow Jones Price Forecast
The decisive bullish tilt towards the Dow Jones daily candlesticks leaves miniature sellers with a lot of potential but little opportunity. The DJIA has moved firmly into fresh record territory north of 43,600, but the lack of significant technical signs indicating a turnaround makes timing a miniature entry a hazardous process.
A keen decline as stock investors frigid their streams following the election results could easily bring price action back to the 50-day exponential moving average (EMA) near 41.970. However, miniature pressure will first have to drag deals back to planet Earth near 43,200.
