It is true that as election evening progressed, and it became clearer that Donald Trump would cruise to victory, that overseas markets and the US Dow-Jones Average futures plunged.
And Nobel laureate in economics Paul Krugman wrote at the time:
It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?Well, this only shows why I stopped heeding Krugman a loooong time ago. This morning:
Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.
Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.
Google Finance's chart of the DJIA for the last five trading days looks like this:
The record high is intra-day and will not be recorded as an official all-time high unless the Dow closes the day higher than the previous record. The existing record was 18,613.52, set on Aug. 11 of this year.
Heh!
Update: Market makers are so concerned about a Trump administration that the Dow Jones Industrial Average closed today at 18,807.88, a new record almost 200 points higher than the old one. The chart since election day:
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