The disaster feared in the stock market reaction to trump has failed to materialise,with a huge sigh of relief.
The US share markets rose strongly shrugging off initial fears that a Donald Trump election victory could lead to a large Wall Street sell-off.There have been many queries asking did the stock market crash today?But so far so good,it looks promising.You could say it's a "stock market Trump" for the billionaire.As a business man he will be happy to see his election has not had a disastrous effect on stocks and shares.
Among the stocks that saw a huge rise is the construction and steel stocks following President elect Donald Trump’s pledge to spend more than $500 billion on
rebuilding America’s roads, bridges and airports .
The Dow Jones, S&P 500 and Nasdaq indexes all rallied robustly during the day and closed more than 1% higher.
The pre-open future markets forecasted dramatic sell-offs when Donald Trump's lead became clear overnight.His victory is also driving up the shares of military and defence companies.BAE Systems have jumped by 6% this morning, adding to yesterday’s spike following the election result.It’s a sign that the City expect Trump to deliver on his promise to boost spending on the US military. BAE is one of the biggest suppliers to the US department of defence, and makes armoured vehicles, ships, fighter jets and missiles.
Share traders had expected Hillary Clinton to beat Mr Trump to become the next US president.
His victory initially sent money flowing into safe haven stocks, gold and currencies including the yen, but as the day has gone on global markets have recovered.
The Dow Jones ended the day up by 1.4% at 18,589.69. The S&P 500 was 1.11% higher at 2,163.26 and the Nasdaq was also up by 1.11% at 5,251.07.
In London the FTSE 100 index dropped 2% at the start of trading before recovering to end the day 1% up.
France's Cac index and Germany's Dax both closed about 1.5% higher after erasing losses of more than 2%.
Some analysts had likened the shock of a Trump victory to the Brexit result earlier this year.
However, neither markets nor currencies have swung as wildly as they did after June's EU referendum.
Markets rebound
The dollar has regained ground it lost earlier. Although it is still down against the pound, it is now up against both the euro and the yen.
US stock futures fell dramatically overnight when Mr Trump won key swing states, with traders at one point forecasting the Dow Jones to lose 4% or 800 points.
The sell-off hit Asian share markets, leading to them being described as a "sea of red" in early trading, before seeing their losses narrow.
Japan's Nikkei 225 finished 5.4% lower, but the Hang Seng in Hong Kong and the Shanghai Composite - which closed later - lost 2.2% and 0.6% respectively.