Desperate Wall Street stages pro-Clinton ‘relief rally’
NEW YORK — Wall Street rallied on Tuesday as investors appeared to cheer Hillary Clinton’s strong performance in the first presidential debate and rest a bit easier about the prospect of Donald Trump winning the White House.
U.S. stock futures rose sharply immediately following the debate, which most pundits and surveys suggested the Democratic nominee won handily. The Mexican peso soared. The currency tends to drop as Trump’s chances rise, with investors betting on the GOP nominee making good on his promise of new trade tariffs. Stocks continued to climb during the day, with the Dow Jones Industrial Average up 133 points, though some of that was in response to a very strong consumer confidence number.
Market analysts say positive reaction to the debate is not because Wall Street adores Clinton or her policies on taxes and spending. Instead it’s that many do not know what to expect from a Trump presidency and fear the impact of new protectionist trade policies and possibly unpredictable foreign relations. Wall Street’s biggest fear is uncertainty. – READ MORE