It turns out that President Donald Trump might not be bad for the stock market after all.
Asian stock markets tumbled shortly after Trump overtook Hillary Clinton in the presidential electoral vote count early Wednesday. From there, all signs quickly pointed to a big stumble for Wall Street — that never materialized.
Soon after Trump was confirmed as America's 45th president and he delivered an acceptance speech pledging to unify a deeply divided nation, global financial markets steadied.
The U.S. stock market wavered in the first hour of trading, but then moved sharply higher, flirting by late afternoon with a record high for the Dow Jones industrial average.
"He took on a remarkably conciliatory posture," said Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S. Bank. "That went a long way to demonstrating perhaps for the first time, or very few times, his presidential disposition and gave a greater sense of calm. That's what had an early reprieve in the markets."