Staff Reports
The early morning after the presidential election on November 5 marked an exciting turn of events for those following the stock market, with investors trading futures contracts like they were on a discount Black Friday sale. The reason? News that Donald Trump, the 45th president, was poised to take the White House for a second time as the 47th president led to a surge of confidence. Wall Street responded with an impressive rally the very next day, as the Dow, Nasdaq-100, and S&P 500 all climbed to unprecedented heights, showcasing the optimism for another potential Trump era. The consummate showman of the financial world, Bitcoin didn’t want to miss the party either, reaching an impressive price of $75,824.16.
There’s no denying that much of Trump’s first term was a boon for American business and workers alike. Under his watch, the stock market skyrocketed, with the Dow Jones rising from 19,795.06 on Inauguration Day to a high of 29,423.31 prior to the pandemic, representing a jaw-dropping increase of nearly 10,000 points. It wasn’t just the numbers that were impressive; unemployment also took a nose dive during Trump’s administration, dropping from 4.8% down to a marvelous 3.5% – a feat not seen in over 50 years. It seems like folks weren’t just talking about making America great again; they were actively experiencing it.
𝐃𝐨𝐧𝐚𝐥𝐝 𝐓𝐫𝐮𝐦𝐩 𝐜𝐥𝐢𝐧𝐜𝐡𝐞𝐬 𝐖𝐡𝐢𝐭𝐞 𝐇𝐨𝐮𝐬𝐞 𝐯𝐢𝐜𝐭𝐨𝐫𝐲!! 🇺🇸
He is only the second president to be elected defeated and then reelected as a president in the US presidential history!
Following the Republican win Bitcoin surged to a record high, Tesla and US… pic.twitter.com/kXSecYjeOT
— Century Financial (@Century_Fin) November 6, 2024
Now, some skeptics have popped up to downplay Trump’s economic achievements, suggesting that it was all just a happy coincidence rather than the product of any skillful leadership. A certain fact-checking site, known for its tendentious assessments, suggested Trump may have ridden the positive economic waves initiated by previous administrations while also completely dismissing his impact on black unemployment rates during his tenure as mere luck. Apparently, some think it’s entirely possible for a radically different approach to yield similar results. Famed for his knack for creating jobs, Trump is frequently criticized for lack of true expertise—because, apparently, just being successful isn’t enough.
The pessimism surrounding a possible second Trump administration is accentuated by the changes in his likely advisors and administration staff. Big names like Ivanka Trump and Jared Kushner, who played pivotal roles in key policies like the Abraham Accords, might not be part of the next Cabinet due to family pressures. This highlights a significant personnel shift from the first term to a potential second one, and some political pundits can’t help but speculate about how things might play out with a new team that might not possess the same level of experience or vision.
Moreover, the congressional landscape has shifted since Trump’s initial term, where he enjoyed Republican control. The sudden change in leadership dynamics could lead to a rocky path ahead. Figures like former House Speaker Paul Ryan have exited, and the sharp contrasts with new potential leadership mean that the optimism once felt in Trump’s first term is now clouded with uncertainty about how effectively he can navigate the murky waters of a divided Congress.
However, despite the worries swirling around Trump’s appointed personnel slate, the business community seems to be cautiously optimistic about his return to power. Industry leaders, including Tim Cook of Apple and the U.S. Chamber of Commerce’s CEO, have declared their support for policies that prioritize growth, deregulation, and innovation. One way or another, many seem ready to put their faith in prosperity, betting on Trump to reignite the strong economic conditions experienced in his first term. The stage is set for another potential chapter in American political and economic history, but whether it will lead to triumphant successes or challenges remains to be seen.
