Trump Uncertainty Disappears in a Matter of Hours…
or so the stock market might have you believe. All we heard ahead of the election was how a Trump victory would create nothing but uncertainty for the market.
As results poured in Tuesday night and it became more and more clear that Trump was going to win, the markets went into a tailspin. Eventually the futures went limit down and could not trade lower for the rest of the overnight session.
That caused selling to abate and buying to come in and the market began to bounce. And then Trump claimed victory. He gave a very nice acceptance speech. He talked about all the rebuilding that’s going to get done…pulling the country together…and the buying continued.
By the time the market opened at 9:30am ET, the market was back to about even and then rallied all day, with the DJIA up about 257 points. So it took just a few hours and all that uncertainty went out the window. Really? Continue reading
The financials had the biggest move of all the industry sectors that dropped last week, down 2.9%. Is this the end of their rally? They do look like they are starting to roll over.