Election and Stocks
Most pollsters wrongly predicted Donald Trump would lose. And they were not the only so called experts to get it wrong.
Much has been said about all those professional political pundits, pollsters and prognosticators who totally misread the political election, after Donald Trump won on Tuesday. But they are not alone. In the final days leading up to the election, many Wall Street analysts and talking heads on financial news shows predicted the stock market could face a 5, 10 or even 15% decline in the days and weeks following a Trump victory.
And indeed they were right, for about six hours. Right after the election was called for Trump, stock futures tumbled. Dow down 800, Nasdaq and S & P also down big. It was frightening to watch. Then the markets opened Wednesday and made a huge turnaround.
The Dow closed the day up 295 points, and all time high, and a one day turnaround of more than a thousand points. Seems Wall Street decided a businessman as President might be so bad for the economy.