The Dow soars, Tesla and Trump Media gain, and what Trump's win means: Election news roundup

Quartz Staff

6 November 2024 at 10:44 am·3-min read

Graphic: Images: Win McNamee, Spencer Platt, Chip Somodevilla, Spencer Platt

Markets and Bitcoin are soaring. So are some specific stocks that are very much tied to President-elect Donald Trump. And a trade war looms.

Catch up on our coverage of Trump’s election win and what it means for stocks, the economy, trade, and more.

What Donald Trump’s election win means for stocks, the economy, and trade

President-Elect Donald Trump speaks during an election night event at the Palm Beach Convention Center on November 06, 2024 in West Palm Beach, Florida. - Photo: Win McNamee (Getty Images)

With former President Donald Trump’s election victory, the United States is preparing for a new administration and a new approach to the world.

Traders work on the floor of the New York Stock Exchange on Aug. 5. - Photo: Spencer Platt (Getty Images)

Markets soared Wednesday morning after Donald Trump won the White House for a second term. The Dow Jones Industrial Average surged more than 1,300 points at market open, the S&P 500 index rose 1.92%, and Nasdaq futures climbed 1.80% as markets began reacting to the election results. Bitcoin hit a new all-time high Tuesday night when it started to look like the election was heading Trump’s way.

Former and now President-elect Donald Trump has once again won the White House, becoming the first person since Grover Cleveland to win two non-consecutive presidential terms.

A second Donald Trump presidency could be a boon for big banks, according to Wells Fargo (WFC) analyst Mike Mayo.

Elon Musk and President-elect Donald Trump at a rally last month. With his election win, Trump will be the second person in U.S. history to win non-consecutive terms as president. - Photo: Anna Moneymaker (Getty Images)

Tesla (TSLA) stock has been skyrocketing since former President Donald Trump defeated Vice President Kamala Harris to become the next president of the United States.

Trump Media and Technology Group stock rose 24% at market open Wednesday after Republican nominee — and the company’s co-founder — Donald Trump won a second presidency.

Donald Trump is only the second president in American history to have ever won non-consecutive terms. - Photo: Win McNamee (Getty Images)

Donald Trump has defeated Kamala Harris to be elected the 47th president of the United States and is set to return to the Oval Office four years after he was voted out.

Donald Trump’s victory in the 2024 election — and his threat to impose tariffs on all imports to the United States — highlights an important problem for the global economy.

For the latest news, Facebook, Twitter and Instagram.

Associated Press
Trump demands immediate release of Oct. 7 hostages, says otherwise there will be 'HELL TO PAY'
President-elect Donald Trump is demanding the immediate release of Israeli hostages still being held in Gaza, saying that if they are not freed before he is sworn into office for a second term there will be “HELL TO PAY." “Please let this TRUTH serve to represent that if the hostages are not released prior to January 20, 2025, the date that I proudly assume Office as President of the United States, there will be ALL HELL TO PAY in the Middle East, and for those in charge who perpetrated these atrocities against Humanity," Trump wrote in a post on his Truth Social site. It was not immediately clear whether Trump was threatening to directly involve the U.S. military in Israel’s ongoing campaign against Hamas in Gaza.
HuffPost
John Dean Reveals Biden Move That Could Doom Trump's 'Revenge' Plot
The Watergate figure said the president could "take the wind" out of Trump's plans for revenge and retribution with a stroke of his pen.
Reuters
Philippines' Marcos says presence of Russian submarine 'very worrisome'
MANILA (Reuters) -President Ferdinand Marcos Jr. said on Monday the presence of a Russian attack submarine in the Philippines' exclusive economic zone (EEZ) in the South China Sea was "very worrisome". A Russian Kilo-class submarine was sighted 80 nautical miles off the western province of Occidental Mindoro on Nov. 28, Navy spokesperson Roy Vincent Trinidad said in a statement on Monday, confirming a report by the Philippine Daily Inquirer newspaper.
HuffPost UK
Ex-Ukrainian Minister Issues Stark Warning To Kyiv Amid Growing Concerns Putin May Win The War
"If it continues like this, we will lose."
The Daily Beast
Pelosi Secretly Orchestrating Another Attempted Shake-Up of Dem Leadership
Months after running an internal pressure campaign that nudged President Joe Biden out of the 2024 election, former House Leader Nancy Pelosi (D-CA) is plotting another ouster within the Democratic Party. The representative for California’s 11th congressional district—who stepped down as Leader of the House Democratic Caucus last year after two decades—is targeting the top member of her party on the Judiciary Committee, Rep. Jerry Nadler (D-NY), the New York Times reported. Pelosi is among a gro
INSIDER
National security advisor Jake Sullivan says Biden told him to oversee a 'massive surge' of weapons deliveries to Ukraine before his term ends
National security advisor Jake Sullivan said President Biden was doing what he could to "strengthen" the position of Ukraine before he leaves office.
PA Media: UK News
New Brics banking system would render sanctions useless, ex-chancellor warns
Lord Lamont of Lerwick warned that a rival payments system would be a ‘major threat to the Western-led financial system’ if it ever came to pass.
The Daily Beast
Trump Taps Another Daughter’s Father-in-Law for Key Role
President-elect Donald Trump has opted to keep it in the family again with some of his latest administrative picks-- this time, with the senior adviser on Arab and Middle Eastern affairs. Trump has appointed Lebanon billionaire Massad Boulos to take on the role. His son, Michael, is married to Tiffany Trump, the president’s youngest daughter. “Massad is an accomplished lawyer and a highly respected leader in the business world, with extensive experience on the International scene,“ Trump wrote o
Euronews
China denounces Lithuania’s expulsion of its diplomats
The Chinese foreign ministry accused Lithuania of undermining its sovereignty and warned of potential countermeasures.View on euronews
Moneywise
Rich Americans now applying for passports, foreign investment visas at record levels — where they’re going and why
They're chasing a golden ticket.
Reuters
Malaysia urges Chinese firms to avoid using it to dodge U.S. tariffs
Malaysia has urged Chinese companies to refrain from using it as a base to "rebadge" products to avoid U.S. tariffs, its deputy trade minister said on Monday, amid increasing export restrictions and concerns of a U.S.-China trade war. Washington is expected to further curb exports to Chinese semiconductor toolmakers and sales of certain chipmaking equipment, including products manufactured in Malaysia, Singapore and Taiwan, sources have told Reuters. Malaysia is a major player in the semiconductor industry, accounting for 13% of global testing and packaging, and is seen as well placed to grab further business in the sector as Chinese chip firms diversify overseas for assembling needs.
HowStuffWorks
10 Most Corrupt Countries in the World — As Far As We Know
In order to measure the most corrupt countries in the world, it's important to first understand what makes a country corrupt. According to Transparency International, a global coalition against corruption, corruption is "the abuse of entrusted power for private gain."
The Telegraph
China sends officials to study effects of sanctions on Russia as it eyes up Taiwan invasion
China has sent officials to the Russian central bank to study the effects of Western sanctions for a better understanding of how it would be affected if it were to invade Taiwan.
INSIDER
Zelenskyy says Russia is treating the first North Korean soldiers well, but it won't last
Russia is treating North Korean troops well right now, Ukraine's Zelenskyy said, as it wants more to come fight, but they will become "cannon fodder."
Fortune
Russia’s ruble is still worth less than a penny, and the Kremlin’s piggy bank for propping it up is running low
Russia’s sovereign wealth fund has been tapped repeatedly to prop up the ruble, leaving the Kremlin with less firepower to battle another currency collapse.
HuffPost
National Security Expert Reveals What’s So Concerning About Trump’s FBI Director Pick
David Rohde described the “fear” over Trump choosing Kash Patel to lead the agency.
The Daily Beast
Pete Hegseth Faces Reporters on Capitol Hill Asking if He’s a Drunk
President-elect Donald Trump’s defense secretary nominee Pete Hegseth faced reporters on Capitol Hill Monday but refused to answer questions surrounding accusations about his drinking habits. Arriving for meetings, Hegseth, 44, was directly asked at one point, “do you have an alcohol problem?” The former Fox News host ignore the question and continued on.
The Daily Beast
Joe Biden Sends Parting Shot at GOP in Bombshell Pardon for Son Hunter
President Joe Biden pardoned his son, Hunter, on Sunday just days before he was scheduled to be sentenced in separate federal gun and tax cases—marking an about face for the lame-duck president. “From the day I took office, I said I would not interfere with the Justice Department’s decision-making, and I kept my word even as I have watched my son being selectively, and unfairly, prosecuted,” Biden said in a statement. The president accused his “political opponents in Congress” of pursuing the pr
HuffPost
'Banana Republic Stuff': Mehdi Hasan Nails GOP Hypocrisy Over Trump's Latest Move
The former MSNBC host put the right on blast for their silence over two questionable moves by the president-elect.
HuffPost
James Carville Says These Harris Campaign Moves Brought Serious 'Trouble' To Dems
The longtime Democratic strategist said the campaign has contributed to "almost unfathomable" damage to the party's "brand."

The Dow soars, Tesla and Trump Media gain, and what Trump's win means: Election news roundup

What Donald Trump’s election win means for stocks, the economy, and trade

The Dow soars 1,300 points after Donald Trump wins the election

From Mark Cuban to the Winklevoss twins, how business leaders are reacting to Donald Trump’s win

Donald Trump’s election win is a ‘regulatory game changer’ for banks, Wells Fargo says

Tesla stock is soaring as Elon Musk looks to benefit from Donald Trump’s victory

Trump Media stock surges a whopping 37% on Donald Trump’s election victory

Donald Trump wins the presidency, putting tax cuts and tariffs on the horizon

How Donald Trump could transform the global economy

Latest stories

Trump demands immediate release of Oct. 7 hostages, says otherwise there will be 'HELL TO PAY'

John Dean Reveals Biden Move That Could Doom Trump's 'Revenge' Plot

Philippines' Marcos says presence of Russian submarine 'very worrisome'

Ex-Ukrainian Minister Issues Stark Warning To Kyiv Amid Growing Concerns Putin May Win The War

Pelosi Secretly Orchestrating Another Attempted Shake-Up of Dem Leadership

National security advisor Jake Sullivan says Biden told him to oversee a 'massive surge' of weapons deliveries to Ukraine before his term ends

New Brics banking system would render sanctions useless, ex-chancellor warns

Trump Taps Another Daughter’s Father-in-Law for Key Role

China denounces Lithuania’s expulsion of its diplomats

Rich Americans now applying for passports, foreign investment visas at record levels — where they’re going and why

Malaysia urges Chinese firms to avoid using it to dodge U.S. tariffs

10 Most Corrupt Countries in the World — As Far As We Know

China sends officials to study effects of sanctions on Russia as it eyes up Taiwan invasion

Zelenskyy says Russia is treating the first North Korean soldiers well, but it won't last

Russia’s ruble is still worth less than a penny, and the Kremlin’s piggy bank for propping it up is running low

National Security Expert Reveals What’s So Concerning About Trump’s FBI Director Pick

Pete Hegseth Faces Reporters on Capitol Hill Asking if He’s a Drunk

Joe Biden Sends Parting Shot at GOP in Bombshell Pardon for Son Hunter

'Banana Republic Stuff': Mehdi Hasan Nails GOP Hypocrisy Over Trump's Latest Move

James Carville Says These Harris Campaign Moves Brought Serious 'Trouble' To Dems