Stock market soars after Trump reelection
Nov 06, 2024
FRESNO, Calif. (KSEE/KGPE) – With President Donald Trump's re-election, the stock market is seeing record-high numbers.
Soaring up to 1,500 points, a number Brian Ullmann, a financial advisor with the Ford Financial Group, says is good news for people's 401(k).
"Dow is up more than 1,500 points. That's a massive day. There's no other way to slice it," Ullmann said.
The bell was ringing Wednesday morning as President Trump's victory has stock market numbers soaring.
"In the case of President Trump's election or re-election, markets are kind of jumping at, in certain ways that they think, in certain areas of the economy that will benefit from his presidency," Ullmann said.
The market rose to 3.6%. Ullmann says the last time the market jumped more than one thousand points in a day was in 2022.
"This is kind of a classic relief rally. And I think we're seeing that in markets. I wouldn't expect huge days like this to come one after another," Ullmann said.
He recommends, that when organizing finances and retirement, stick to a plan.
"If you're working and investing in your 401(k), that means you stick with your investment plan regardless of whether you liked the outcome of last night's election," Ullmann said.
Ullmann says the Tax Cuts and Jobs Act under Trump's first presidency is believed to be extended.
"It was said to sunset in 2025, and that's going to be, almost surely be extended, especially with the control of Congress being in the hands of the Republicans," Ullmann said.
He says with Trump in the White House, people are taking inventory.
"People are placing their bets. And I think really the bets that are being placed are on probably lower taxes, higher budget deficits, and deregulation and maybe some growth," Ullmann said.
Ullmann also predicts the Federal Reserve will cut interest rates by a quarter percent on Thursday, helping short-term rates, but may not affect mortgages.