As election results rolled in, global and futures markets responded to the surprisingly close contest by plummeting, with the Dow dropping nearly 800 points. Follow along here for continuing updates on how the world financial markets are responding to the election of Donald Trump as 45th president of the United States.
While the U.S. election was still being decided on Tuesday night, markets in Asia took a dive during active trading as Donald Trump pulled ahead of projected-winner Hillary Clinton.
But markets in Asia bounced back this morning: An hour into trading, the Nikkei is up 6 percent, wiping out losses from yesterday. Stocks in Hong Kong and Shanghai have also recovered: Both the Hang Seng and Shanghai Composite have soared pass yesterday’s losses. (An odd sidenote: a stock in China which sounded like “Trump Wins Big” rallied while another stock which sounded like “Aunt Hillary” tumbled as votes were still being counted.)
It’s worth watching how investors in China will react to the actual Trump presidency. After all, the candidate has suggested that China’s economic relationship with the U.S. might get a lot more complicated once he takes office. During the course of his presidential campaign, Trump accused China of devaluing its currency (a claim that has been debunked) and unfairly taking manufacturing jobs away from Americans. Trump has also suggested imposing a 45 percent tariff on Chinese-made goods in order to reduce the trade deficit and bring jobs stateside, which would create a trade war between the two nations and undoubtedly affect China’s economic growth.
Reuters reports that Chinese President Xi Jinping congratulated Trump in a message earlier today, stating that he’s looking forward to working with Trump to “uphold the principles of non-conflict, non-confrontation, mutual respect, and win-win cooperation." For now, stocks in China, like those in the U.S., seem accepting of the impending Trump administration.
At the end of trading hours on Wednesday, it certainly seems that investors have digested Trump’s surprise victory in the U.S. Presidential election.
The Dow, S&P 500, and NASDAQ all rallied back from precipitous drops in the futures markets, with each closing up by at least 1 percent. The reversal was swift and intense—for the S&P the bounce back was largest since the days of the 2008 banking crisis. The Dow closed up 257 points, after diving 800 points last night in futures trading. Many analysts are attributing the market’s fast recovery to the tone of Trump’s late night acceptance speech, along with the potential benefits for Wall Street a Trump presidency could hold. Though Wall Street was expecting a Clinton win, the numbers seem to indicate that it is just as welcoming to the Trump presidency.
Asian markets open in just a few hours, and their performance tonight will either validate election night panic in emerging markets (the Nikkei plunged 5 percent, while the Hang Seng fell by 2 percent), or evaporate in the face of U.S. investor confidence.
DeVry Education Group is up 9 percent in today’s trading; Apollo Education Group, the company that owns several for-profit institutions—including the University of Phoenix—is up 7 percent; Bridgepoint Education (which was forced to forgive $24 million in student debt by the Consumer Financial Protection Bureau) up 17 percent; and Strayer Education (one of the most successful for-profit colleges) is up 12 percent.
The premise for investor confidence is that for-profit colleges—which have come under intense scrutiny in recent years by The Department of Education for fraudulent marketing, bad results, and saddling students with student-loan debt—might enjoy looser regulatory oversight once Trump becomes President. Afterall, Trump University, which shuttered in 2010, was a for-profit education company. Before Trump is sworn in next year, he will appear in court just after Thanksgiving as a witness in a class-action civil trial over alleged fraud at Trump University.
Bloombergreports that the billionaire investor Carl Icahn—a long time Trump supporter—left the president-elect’s victory party in the wee hours of the morning to bet $1 billion on the U.S. stock market.
Icahn’s take was that the 100-point drop in the S&P 500 was a temporary and irrational reaction that would soon reverse itself. And it looks like he was right, near the close of trading, the S&P was up more than 1 percent—the largest reversal for the index since the 2008 crisis.
The companies are soaring as analysts reckon that Trump will row back on the Department of Justice’s ruling this summer to phase out privately run jails. The companies could benefit still further from Trump’s plan for the mass deportation of immigrants.
And what about oil?
During his campaign, Trump has pledged to implement what he calls an “America first energy plan.” That plan calls for total energy independence achieved by undoing President Obama’s executive actions meant to curb energy production or emissions in favor of more climate-friendly policies, more exploration of shale, oil, and natural gas reserves, and exploration of “clean coal”.
Conversely, Trump has said that he would reverse the current U.S. commitment to battle climate change, including pulling out of the Paris Agreement. My colleague Robinson Meyer wrote about the potential environmental consequences of a Trump presidency here, saying:
This could shatter the international consensus on reducing greenhouse-gas emissions, similar to how the second Bush administration’s withdrawal from the Kyoto Protocol effectively ended that treaty’s functional life within the United States. It could enable other countries to abandon their commitments and emit greenhouse gases at much higher rates.
While markets have rebounded broadly, there are still big winners and big losers today.
At the conclusion of this election, concerns over the diminished power of the second amendment have seemed to dissipate. With Americans no longer concerned that a Clinton presidency would mean stricter gun control laws, the sense of urgency causing some to stock up on arms may have eased, causing a drop in major gun manufacturing stocks, such as Smith and Wesson, which declined by more than 3.75 percent around 12:20pm.
On Monday, world markets surged ahead on the projection that Democratic candidate Hillary Clinton would narrowly capture the presidency.
U.S. indicators—the Dow, the Nasdaq, and the S&P 500—rose 2 percent on forecasts predicting a Clinton victory.
But as the tides began to change last night—with Donald Trump pulling an eventual upset to become the U.S. president-elect—the market began to react. For a variety of reasons, markets don’t always respond well to uncertainty. The market shifts were somewhat predictable: the peso plunged to a record low, U.S. futures dived, Asian markets—particularly the Nikkei which dropped 5 percent by close—also dived, while gold rallied big. Analysts noted that the volatility seen last night was much greater than following the surprising result of the Brexit vote earlier this year.
This is not the outcome investors anticipated, but U.S. markets have since recovered: all three indices are surging ahead gaining nearly 1 percent by noon.
So why are the markets worried? First of all, the policy statements of Mr Trump have been both vague and erratic—on issues such as trade, foreign policy, the independence of the Federal Reserve and even the commitment to repay Treasury bonds in full. What is hard to know is how serious his policy proposals might be, and how much Congress would allow him to enact. He has more freedom in foreign policy areas than in the domestic arena. That is why emerging markets might take the greatest hit.
When President Obama left, I stayed on at the National Security Council in order to serve my country. I lasted eight days.
In 2011, I was hired, straight out of college, to work at the White House and eventually the National Security Council. My job there was to promote and protect the best of what my country stands for. I am a hijab-wearing Muslim woman––I was the only hijabi in the West Wing––and the Obama administration always made me feel welcome and included.
Like most of my fellow American Muslims, I spent much of 2016 watching with consternation as Donald Trump vilified our community. Despite this––or because of it––I thought I should try to stay on the NSC staff during the Trump Administration, in order to give the new president and his aides a more nuanced view of Islam, and of America's Muslim citizens.
Two of the world’s three richest people extol the virtue, and relevance, of optimism in the age of Trump—and predict a comeback for fact-based discourse.
Bill Gates, the world’s richest man, and Warren Buffett, the third richest, are—not entirely coincidentally—two of the most unremittingly optimistic men on the planet. So when I met the two of them in New York recently to talk about the state of humankind, and about the future of American democracy, I had a clear understanding of my mission, which was to pressure-test their sanguinity at every turn.
I tried, and failed, though not completely. Both men appear to doubt some of President Trump’s innovations in rhetoric and policy. Both men have warm feelings about immigrants, and also about facts, and so are predisposed to react skeptically to recent developments in the capital. When I asked whether they believed America needed to be made great again, Buffett nearly jumped out of his chair: “We are great! We are great!” And when I asked about the Trump Administration’s problematic relationship with empiricism, Gates said, “I predict a comeback for the truth.” He went on to say, “To the degree that certain solutions are created not based on facts, I believe these won’t be as successful as those that are based on facts. Democracy is a self-correcting thing.”
Long after research contradicts common medical practices, patients continue to demand them and physicians continue to deliver. The result is an epidemic of unnecessary and unhelpful treatments.
First, listen to the story with the happy ending: At 61, the executive was in excellent health. His blood pressure was a bit high, but everything else looked good, and he exercised regularly. Then he had a scare. He went for a brisk post-lunch walk on a cool winter day, and his chest began to hurt. Back inside his office, he sat down, and the pain disappeared as quickly as it had come.
That night, he thought more about it: middle-aged man, high blood pressure, stressful job, chest discomfort. The next day, he went to a local emergency department. Doctors determined that the man had not suffered a heart attack and that the electrical activity of his heart was completely normal. All signs suggested that the executive had stable angina—chest pain that occurs when the heart muscle is getting less blood-borne oxygen than it needs, often because an artery is partially blocked.
Meet the protesters who tricked conference attendees into waving Russian flags.
Two men made trouble—and stirred up a social-media frenzy—on the third day of the Conservative Political Action Conference by conducting a literal false-flag operation.
Jason Charter, 22, and Ryan Clayton, 36, passed out roughly 1,000 red, white, and blue flags, each bearing a gold-emblazoned “TRUMP” in the center, to an auditorium full of attendees waiting for President Trump to address the conference. Audience members waved the pennants—and took pictures with them—until CPAC staffers realized the trick: They were Russian flags.
The stunt made waves on social media, as journalists covering CPAC noticed the scramble to confiscate the insignia.
The Bureau has long defended “Judeo-Christianity.” Minority groups have not fared as well.
Historians have looked harshly on the FBI’s legacy in dealing with religious groups. The Bureau famously investigated and threatened Martin Luther King Jr. at the peak of the civil-rights movement. A 1993 standoff with a group called the Branch Davidians in Waco, Texas, ended with a massive fire, killing more than six dozen men, women, and children. And since the terrorist attacks of September 11, the Bureau has repeatedly been accused of illegally surveilling and harassing Muslim Americans.
The story of the FBI and religion is not a series of isolated mishaps, argues a new book of essays edited by Steven Weitzman, a professor at the University of Pennsylvania, and Sylvester A. Johnson, a professor at Northwestern University. Over its 109 years of existence, these historians and their colleagues argue, the Bureau has shaped American religious history through targeted investigations and religiously tinged rhetoric about national security.
An Oscar-nominated film explores possible war crimes in the country after World War II.
Had the Allies landed on the Western coast of Denmark on D-Day, the Nazis would have been ready. The German forces had built up the defensive Atlantic Wall, which stretched along the European coast from the top of Norway to south of France, to protect against an invasion launched from Britain. With Denmark offering a short route to Berlin, an invasion there seemed likely, and the Axis power prepared by planting between one and two million landmines along the Nazi-occupied nation’s shores.
Invaded by German forces in April 1940, Denmark was spared harsh treatment during most of its occupation. For the first few years, the Danish government chose to negotiate and cooperate with its German occupiers to avoid further aggression and hardship, and Danish government opposition only began in earnest in 1943 once Germany cracked down on civil unrest and made moves to deport Denmark’s Jews. When the war ended in 1945, those millions of deadly, undetonated mines remained, along with the question of who would clear them—and how.
Priming kids to expect rewards for good behavior can harm their social skills in the long term.
After working with thousands of families over my years as a family psychologist, I’ve found that one of the most common predicaments parents face is how to get kids to do what they’re asked. And one of the most common questions parents ask is about tools they can use to help them achieve this goal.
One such tool is the sticker chart, a type of behavior-modification system in which children receive stickers in exchange for desired behaviors like brushing their teeth, cleaning their room, or doing their homework. Kids can later “spend” their accrued stickers on prizes, outings, and treats.
Though data on how widely sticker charts are used (and when and why they became so popular) is difficult to find, anecdotal evidence suggests that these charts have become fairly commonplace in American parenting. Google searches for “sticker chart,” “chore chart,” and “reward chart” collectively return more than 1 million results. Amazon has more than 1,300 combined product results for the same searches. Reddit, too, is teeming with forums for parents asking each other about the merits of the charts and discussing specific strategies.
You can tell a lot about a person from how they react to something.
That’s why Facebook’s various “Like” buttons are so powerful. Clicking a reaction icon isn’t just a way to register an emotional response, it’s also a way for Facebook to refine its sense of who you are. So when you “Love” a photo of a friend’s baby, and click “Angry” on an article about the New England Patriots winning the Super Bowl, you’re training Facebook to see you a certain way: You are a person who seems to love babies and hate Tom Brady.
The more you click, the more sophisticated Facebook’s idea of who you are becomes. (Remember: Although the reaction choices seem limited now—Like, Love, Haha, Wow, Sad, or Angry—up until around this time last year, there was only a “Like” button.)
Tucker Carlson’s latest reinvention is guided by a simple principle—a staunch aversion to whatever his right-minded neighbors believe.
Tucker Carlson is selling me hard on the swamp. It is an unseasonably warm afternoon in late January, and we are seated at a corner table in Monocle, an upscale Capitol Hill restaurant frequented by the Fox News star. (Carlson, who typically skips breakfast and spends dinnertime on the air, is a fan of the long, luxurious, multi-course lunch, and when I requested an interview he proposed we do it here.) As we scan the menus, I mention that I’ll be moving soon to the Washington area, and he promptly launches into an enthusiastic recitation of the district’s many virtues and amenities.
“I’m so pathetically eager for people to love D.C.,” he admits. “It’s so sad. It’s like I work for the chamber of commerce or something.”
Since the middle of last year, a group of Filipino reporters, photographers, and cameramen have been at the frontline of Philippine President Rodrigo Duterte’s war on drugs. They are a different type of war correspondent, and the drug war, a different type of war.
The correspondents work what they call the “night shift,” the unholy hours between 10 p.m. and 5 a.m., when the dead bodies are found. They wait at Manila’s main police station and rush from there to the site of the most recent kill. They keep count of the corpses, talk to witnesses and families, interview the police, attend wakes and funerals. A lot of what the world learned about the carnage, especially in the early months, is due largely to the night shift reporters.