Investors warmed to Donald Trump Wednesday, driving up stocks as Hillary Clinton conceded the race in an address to supporters.
The Dow Jones Industrial Average, which overnight trading suggested could nosedive, rose strongly at midday, at one point moving up over 211 points. At noon, blue chip stocks were up 1 percent, or 189.73 points, to 18,522.47.
(The finance crowd is used to making fast friends, but its a quick turn even for traders, who pushed the Dow up 371 points on Monday as Clinton seemed ready to move to the Oval office).
Asian investors, who were first two weigh in on Trumps win, pushed the Nikkei 225 in Tokyo down 5.4 percent to 16,251.54, but European markets generally rose. The DAX in Frankfurt gained 1.6 percent to 10,646.01 and the FTSE 100 in London rose 1 percent to 6,911.84.
Among the U.S. decliners were U.S.-traded Chinese e-commerce giant Alibaba Group Holding, which fell 3.4 percent to $96.49, and Amazon.com Inc., which dropped 2.2 percent to $770.12. Amazon chief Jeff Bezos, who also owns the Washington Post, was one of Trump’s many targets during the divisive election.
Also losing ground were Kate Spade & Co., down 2.1 percent to $15.37; Burlington Stores Inc., 2.1 percent to $71.27; PVH Corp., 1.7 percent to $105.27; Procter & Gamble Co., 1.3 percent to $86.33; Nike Inc., 1.1 percent to $50.54, and Nordstrom Inc., 1 percent to $51.52.
The brutal rush to the polls has generally been seen as a distraction to shoppers and analytics firm RetailNext, which tracks traffic a many brick and mortar specialty stores, projected foot traffic would fall 11 percent this month, with most of the decline coming in the first week before the election.
Retail giant Leslie Wexner, chief executive officer L Brands Inc. in an investor meeting before the election, noted: “We’ve had Halloween for the last four months in terms of the events in the world. We have Nero and Caligula arguing about the future of Rome and like fools we’re listening to it.”
Experts projected that whoever won, shoppers would look past the election and who was in the White House, focus on their own economic realities and turn their focus to holiday shopping.