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Wednesday, November 9, 2016
Choppy markets after Trump wins election
Dow was down only 10, decliners over advancers almost 2-1 & NAZ fell 28. The MLP index added 4+ to the 393s & the REIT index dropped 5+ to the 325s. Junk bond funds drifted lower & Treasuries sank, with the yield on the 10 year Treasury approaching 2%. Oil was off pennies & gold jumped up (more below).
Gold pulled back from its biggest jump since Britain's Brexit vote as
turmoil across financial markets eased following Donald Trump's
surprise presidential election victory. Bullion earlier
surged as much as 4.8% to $1337 as
investors sought haven assets, before paring gains as stock markets curbed losses.
Analysts
had said that a Trump victory could cause tumult across markets, which
had been banking on a continuation of current policies. His victory
prompted traders to cut expectations that the Federal Reserve will raise
interest rates in Dec. A Trump presidency could send bullion to $1395.
The ECB is ready to respond to any economic shock stemming from Donald Trump's surprise victory in the presidential election & the bank's chief economist called for "calm." Stocks fell, before rebounding in US trading , while trading in the $ & other major currencies remained volatile as investors faced up to a shock win for Trump that could upend the global political order.
In overnight markets, Dow futures plunged in chaotic trading. Dow sank around as much as 800 but has recovered to only small losses as investors try to assess what Trump's presidency will mean for the stock market. Recovery in the US markets is a hopeful sign.
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