Dow Jones Surpasses Record High in First Day of Post-Election Trading

[Teddy B 17,252]

Damn the Dow is up over 300 points. My retirement accounts are feelin the Trump love.

The Dow Jones surged by almost 300 points on Wednesday, pushing the industrial average beyond a record high as the market absorbed Donald Trump's surprise victory over Hillary Clinton in the presidential election.

While global markets saw overnight turmoil, including futures plummeting by as much as 800 points, those losses were more than balanced out on the first day of post-election trading.

Related: Obamacare May Be Toast

Healthcare stocks were among the strongest to gain on the Nasdaq composite, on the back of Donald Trump's pledge to dismantle Obamacare. Pfizer and Merck gained around 6 percent each, while embattled EpiPen maker Mylan also gained 5 percent.

http://www.nbcnews.com/storyline/2016-election-day/first-day-post-election-trading-stocks-open-surprisingly-steady-note-n681351

[The Nature Boy 7,659]

Damn the Dow is up over 300 points. My retirement accounts are feelin the Trump love.

It cant be. The sky is falling

[Teddy B 17,252]

It cant be. The sky is falling

One should never get too high or too low about these elections. It matters little in the grand scheme of things.

[bcking 3,157]

DOW Jones as of right now (Yahoo Finance) is 18,589 (In the time it took me to write this it changed so I'm editing it to be up to date) and change. In August it was 18,613 and change. Maybe I'm missing something (I'm not an economist). How is it at a record right now? Honest question. It is impressive how much it jumped back though.

https://finance.yahoo.com/chart/%5EDJI#eyJtdWx0aUNvbG9yTGluZSI6ZmFsc2UsImJvbGxpbmdlclVwcGVyQ29sb3IiOiIjZTIwMDgxIiwiYm9sbGluZ2VyTG93ZXJDb2xvciI6IiM5NTUyZmYiLCJtZmlMaW5lQ29sb3IiOiIjNDVlM2ZmIiwibWFjZERpdmVyZ2VuY2VDb2xvciI6IiNmZjdiMTIiLCJtYWNkTWFjZENvbG9yIjoiIzc4N2Q4MiIsIm1hY2RTaWduYWxDb2xvciI6IiMwMDAwMDAiLCJyc2lMaW5lQ29sb3IiOiIjZmZiNzAwIiwic3RvY2hLTGluZUNvbG9yIjoiI2ZmYjcwMCIsInN0b2NoRExpbmVDb2xvciI6IiM0NWUzZmYiLCJyYW5nZSI6IjF5In0%3D

EDIT:

Sorry I was thinking about where the DOW closes, not just what it reaches. You're right it beat out August during the day today, but has since dipped a little.

EDIT:

Sorry correction again. Back in August it went above 18,700 (~18,722). So it still hasn't surpassed that.

Edited November 9, 2016 by bcking

[Teddy B 17,252]

DOW Jones as of right now (Yahoo Finance) is 18,589 (In the time it took me to write this it changed so I'm editing it to be up to date) and change. In August it was 18,613 and change. Maybe I'm missing something (I'm not an economist). How is it at a record right now? Honest question. It is impressive how much it jumped back though.

https://finance.yahoo.com/chart/%5EDJI#eyJtdWx0aUNvbG9yTGluZSI6ZmFsc2UsImJvbGxpbmdlclVwcGVyQ29sb3IiOiIjZTIwMDgxIiwiYm9sbGluZ2VyTG93ZXJDb2xvciI6IiM5NTUyZmYiLCJtZmlMaW5lQ29sb3IiOiIjNDVlM2ZmIiwibWFjZERpdmVyZ2VuY2VDb2xvciI6IiNmZjdiMTIiLCJtYWNkTWFjZENvbG9yIjoiIzc4N2Q4MiIsIm1hY2RTaWduYWxDb2xvciI6IiMwMDAwMDAiLCJyc2lMaW5lQ29sb3IiOiIjZmZiNzAwIiwic3RvY2hLTGluZUNvbG9yIjoiI2ZmYjcwMCIsInN0b2NoRExpbmVDb2xvciI6IiM0NWUzZmYiLCJyYW5nZSI6IjF5In0%3D

EDIT:

Sorry I was thinking about where the DOW closes, not just what it reaches. You're right it beat out August during the day today, but has since dipped a little.

EDIT:

Sorry correction again. Back in August it went above 18,700 (~18,722). So it still hasn't surpassed that.

It's a record for a one day gain the day after a presidential election.

[bcking 3,157]

It's a record for a one day gain the day after a presidential election.

Oh specifically after a presidential election. Gotcha. A lot of the news articles aren't that clear with how they are phrasing it. NBC and others make it sound like it's an all time record high period, which it is close to but not quite yet. A record gain must be helped by the fact that it initially was falling last night, I would imagine. I don't follow the DOW during presidential elections all that much, but I imagine most of the time it doesn't dip and then rebound like that. Could be wrong.

[Teddy B 17,252]

Oh specifically after a presidential election. Gotcha. A lot of the news articles aren't that clear with how they are phrasing it. NBC and others make it sound like it's an all time record high period, which it is close to but not quite yet. A record gain must be helped by the fact that it initially was falling last night, I would imagine. I don't follow the DOW during presidential elections all that much, but I imagine most of the time it doesn't dip and then rebound like that. Could be wrong.

Yes, it's in the story I linked to, I just didn't quote it in my post.

[bcking 3,157]

Yes, it's in the story I linked to, I just didn't quote it in my post.

Honestly it's just bad journalism. The NBC article you quoted has the following initial sentence:

"The Dow Jones surged by almost 300 points on Wednesday, pushing the industrial average beyond a record high as the market absorbed Donald Trump's surprise victory over Hillary Clinton in the presidential election."

Nothing about that sentence makes it sound like they are specifically talking about post an election. They just state it is beyond a record high, which it is not.

Though I'm sure no one here is surprised that journalists are the greatest writers.

[khwaidee1 196]

This was not supposed to happen, all the pundits and "journalists" said so. They said the day after Trump wins Dow would drop 800 points and cause a global financial crisis not seen since the 1920s. Everybody's 401K was supposed to be wiped out by now. Somebody has to fix this so that all the pundits and "journalists" can maintain their credibility and veracity. Say it ain't so!

Edited November 9, 2016 by khwaidee1

[bcking 3,157]

This was not supposed to happen, all the pundits and "journalists" said so. They said the day after Trump wins Dow would drop 800 points and cause a global financial crisis not seen since the 1920s. Everybody's 401K was supposed to be wiped out by now. Somebody has to fix this so that all the pundits and "journalists" can maintain their credibility and veracity. Say it ain't so!

Journalism is a dying art in America. No rational reasonable person would actually believe that the country would implode, or the stock market would crash etc... after the election, regardless of the winner. The stock market is a fickle thing, but nothing has actually immediately changed between yesterday and today. Trump isn't even President yet.

The true test will be to look at where we are at in 2 years or 4 years time.

[bcking 3,157]

http://www.reuters.com/article/us-usa-stocks-idUSKBN1332TA

This I think is a far more accurate and well written article.

In fact I'm not finding any actual evidence that this is a record high even for post-election jumps. The NBC article you quote doesn't say that, and is just not well written. WSJ/Reuters and MarketWatch both concede it is a "near high", and neither mentions comparing it to prior post-election bumps.

[The Nature Boy 7,659]

Journalism is a dying art in America. No rational reasonable person would actually believe that the country would implode, or the stock market would crash etc... after the election, regardless of the winner. The stock market is a fickle thing, but nothing has actually immediately changed between yesterday and today. Trump isn't even President yet.

The true test will be to look at where we are at in 2 years or 4 years time.

But yet we had 100's of fringe posts in the last year saying just that

[bcking 3,157]

But yet we had 100's of fringe posts in the last year saying just that

I'm not denying news media argued that, which is why I said Journalism is dying in this country. It has nothing to do with my politics (I voted for Hillary but it doesn't matter). All we have is partisan politics on both sides. Journalism is supposed to go beyond that. It's not supposed to be so transparently partisan. Journalists in America aren't rationale, or at least they pretend not to be on the television. They attract more viewers by being irrational.

I tend to look to the BBC when I really want news. While they are by no means perfect, I'm more likely to find articles merely reporting facts and nothing more.

[-relo- 105]

One should never get too high or too low about these elections. It matters little in the grand scheme of things.

nice words to calm people's frazzled minds. just don't remind them trump is going to nominate & a republican controlled senate is going to quickly confirm two, three, maybe four supreme court justices.

[bcking 3,157]

nice words to calm people's frazzled minds. just don't remind them trump is going to nominate & a republican controlled senate is going to quickly confirm two, three, maybe four supreme court justices.

I will admit I am left leaning and to be honest with you I think this will be the biggest impact Trump will have. I don't think he will get a lot of what he campaigned about, but he will shift the supreme court and that can last for decades.