politicsClosed Nov 6, 2024
- Trump beats Harris, winning US presidency for second time
- He won battleground states such as Pennsylvania, Wisconsin, Michigan
- Harris urges ‘peaceful transfer of power’ in concession speech
- Stocks gain; longer-ended Treasury yields, dollar climbs
- GOP takes control of Senate; House fate still undecided
Donald Trump won a decisive victory over Kamala Harris, and Americans, traders and world leaders are taking stock. Here are key takeaways:
- Harris called Trump to congratulate him. At her concession speech at her alma mater Howard University in Washington, Harris struck a positive tone and said she will continue fighting for the issues that separated her from her rival, such as reproductive rights.
- The shift toward Trump in this election was remarkable. Of the counties with more than 90% of precincts reporting as of 3 p.m. Wednesday, Trump increased his vote share from 2020 in 2,538 of them. Harris improved over President Joe Biden‘s performance in just 288.
- The swing states of Arizona and Nevada haven’t been called, but Trump has swept the other five critical backgrounds.
- Control of the House of Representatives remains unclear. Republicans, who will take over the majority in the Senate from Democrats, are already plotting their agenda.
- Even if the Democrats hold the House, the consensus in both parties is that Trump will go much further than his last presidency and be far more effective in achieving his goals.
- On Wednesday, stocks hit all-time highs, US yields jumped and the dollar saw its best day since 2022 as traders girded for Trump’s return and the potential for Republicans to win both chambers of Congress.
- JPMorgan Chase economists tweaked their Fed outlook in the wake of the election, predicting the Fed will cut rates more slowly in 2025.
The New York Stock Exchange on Wednesday. Photographer: Michael Nagle/Bloomberg