Financial experts talk about election results impact on the stock market
Nov 06, 2024
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With President-elect Donald Trump set to lead the country for the next four years financial experts like certified financial planner Bill Dendy are already watching for changes.
“Normally a year after an election we see good markets,” Dendy said.
Already the stock market soared Wednesday.
The Dow jumped more than 1,200 points after the opening bell this morning. That hasn’t happened since November 2022.
“The market does not like uncertainty so with us knowing in one day the winner of the executive branch of the winner of the presidency,” Dendy said. “That’s very important to the market, you’re seeing the market have that rally of a relief.”
Next, the market’s attention will likely turn to the Federal Reserve. Another interest cut could happen. Dendy isn’t so sure it will.
“Up until the election the thought was the Fed would cut at least 25 basis points in November and again when they meet in December,” Dendy said. “However, bets are now that they don’t cut it all but they wait and see to see if we’re pouring gasoline on this fire and they don’t need to lower rates and add more gasoline.”
Still, realtors like Towanda C. Gayle are hoping to see the Feds stay the course and make more cuts.
“We’ve slowly been entering into a buyer’s market,” Gayle said. “We’re still in a seller’s market, but it has been slowly, gradually going towards that direction. And if we do see the lower interest rates, I think that we will see that again.”
President-elect Trump campaigned on many issues to improve the economy. Not knowing exactly what impact it could have, Gayle gives this advice.
“I would say build a safety net because,” Gayle said. “Like I said, we can’t predict what happens because the stock market goes up and down same as real estate. So, my advice to people is build a safety net.”
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