Wall Street reacts to Trump’s economic populism
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The financial sector is really, really worried about the candidate of working class economics about to be back in charge:
Wall Street has rarely been more excited by an election.
U.S. stocks’ capitalization rose by $1.62 trillion on Wednesday, their fifth-best one-day showing ever, following Donald Trump’s decisive election victory. The surge highlights the opportunity that investors, bankers and others in finance are hoping to embrace over four years of tax cuts, deregulation and economic expansion.
“Investors are celebrating,” said Jack Ablin, chief investment officer at Cresset Capital in Chicago. He was among those buying shares of smaller companies, on the bet that Trump’s policies will rev up the economy.
The enthusiasm is especially heated in a few areas, investors and bankers said. Banks and other financial companies climbed, with the KBW Bank Index rising 11%. Investors expect regulatory scrutiny will ease in a Trump administration.
Some also expect more dealmaking, potentially among smaller and midsize banks. The expected departure of Lina Khan, who leads the Federal Trade Commission and has been a thorn in the side of executives hoping to work out tech acquisitions, was cheered by investors and bankers.
“A lot of these mergers have been thwarted by the current administration,” the activist investor Carl Icahn said in an interview late Tuesday. Given a Trump victory, he said, “That’s going to change.”
Wow, the American establishment has been shaken to its very core by Donald Trump’s national socialism!
I wonder if Matt Stoller has started writing his column for Friend of the Federal Wallet Inspector Monthly arguing that Josh Hawley will totally convince Trump to retain Lina Kahn yet.