Dow Shakes Off Election Night Jitters

Markets around the world stabilize in wake of Trump win
By Newser Editors and Wire Services
Posted Nov 9, 2016 4:59 AM CST
Updated Nov 9, 2016 9:06 AM CST
Markets Stabilize After Trump Victory Speech
Men leave a currency exchange business displaying peso rates Tuesday, Nov. 8, 2016, in Tijuana.   (AP Photo/Gregory Bull)

(Newser) – Conciliatory comments from president-elect Donald Trump in the aftermath of his stunning victory over Hillary Clinton helped global stock markets and the dollar trim their hefty losses on Wednesday, the AP reports. The Dow, for instance, dropped slightly at the open but was up about 40 points in the first half-hour of trading, per MarketWatch. Though uncertainty remains over Trump's trade, immigration, and geopolitical policies, investors appeared somewhat soothed by his victory speech, in which he praised Clinton and urged Americans to come together after a deeply divisive campaign. The Mexican peso, however, tumbled to a record low over fears about Trump's policies on NAFTA and a border wall, CNBC reports.

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The dollar also recouped some ground, while assets that many investors search out at times of uncertainty, such as gold and the Swiss franc, came off earlier highs. "We have a great economic plan, we will double our growth and have the strongest economy in the world," Trump said in his victory speech. But Donald Selkin, chief market strategist at National Securities in New York, warns that there could be plenty of market turmoil to come with the "temperamentally unstable" Trump in charge. "His tax cuts could open up a huge increase in the budget deficit and his trade sanctions could interrupt world trade," Selkin tells Reuters. "This could put us in a recession." (Read more Donald Trump stories.)

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