Celebrating Donald Trump's reelection with a record post-election surge, Wall Street pushed the S&P 500 beyond 6,000 in its best post-election day performance. The rise captures investor hope over policy continuity and economic stability under the incoming government.
"This election was about whether you were more scared of four years of the same or four years of change," said CEO Marc Rowan of Apollo Global Management (APO), speaking at Yahoo Finance's Invest conference. Rowan mentioned as a potential Treasury Secretary candidate, emphasized the positive reaction of the market and said, "The market's verdict's been rendered."
Emphasizing the possibility of tax cuts to be made permanent and rules to be relaxed further, Rowan voiced confidence in the administration's ability to exploit economic strengths. Still, there are questions despite the hope. Bloomberg Economics estimates that China generates almost 8% of the income of the top 100 S&P 500 firms. Trump's suggested 60% tariff on Chinese imports might weigh-down stock values and profit profits. Bloomberg Economics projects a more subdued doubling of present tariff rates as the most likely result.