So much for president-elect Donald Trump crashing the stock market.
The Dow Jones Industrial Average closed at an all-time high on Thursday, just two trading days after the GOP nominee claimed victory in the United States presidential election.
The Dow shuttered its Thursday at 18,707.88. That’s up 218.19 points from Wednesday’s close, or +1.17 percent.
As for the S&P 500, that compilation of stocks had a nice start this morning as well. After settling down, it closed up 4.22 points from yesterday’s 4 p.m. ET whistle. That increase translates to one-fifth of a percentage point.
The S&P 500 had a particularly strong day yesterday — read where that session ranked historically here.
All of this is far better news than most anticipated immediately after a Trump win. Around midnight ET on Tuesday, the U.S. markets dropped hard pre-market when it became likely that Trump would win the White House. They would mostly recover by Wednesday’s early morning hours — though not fully.
Dow futures, the S&P 500 and the NASDAQ all sunk about 5 percent at the time, triggering an automatic halt on sales — a failsafe, essentially. The Dow had fallen more than 800 points, the S&P fell more than 100 points, and the NASDAQ dipped to around 4,500.
The global reaction was even less favorable in the immediate aftermath of early election returns. The Mexican peso tanked by more than 10 percent on currency exchanges, trading at an all-time low for a little while. Asian indexes, meanwhile, began to absorb the U.S. election news as their Wednesday trading day began. Major indexes sank by more than 2 percent; Hong Kong’s Hang Seng was down by more than 3 percent.
9 Ways Donald Trump Presidency Could Completely Reshape Hollywood (Photos)
Many in Hollywood are worried about how Donald Trump's election might impact the entertainment industry. And with good reason: Trump's presidency might upend taxation, foreign relations, labor policy and more.
AT&T/Time Warner merger
During the campaign, Trump vowed to block this corporate marriage, the brainchild of AT&T boss Randall Stephenson. If Trump makes good on that threat, the merger could be toast, and so could a much-anticipated wave of further consolidation.
Net Neutrality
Trump has been a vocal opponent of net neutrality, which has regulated Internet service providers. Many industry veterans expect Trump to move to gut telecom regulation.
FCC
Chairman Tom Wheeler will likely have his hands full with Trump, who in 2015 urged the commission to fine a critic who had ridiculed him on Fox News.
China
Trump has complained that unfair trade deals have benefited China and hurt American workers. Protectionist moves could spark a trade war and imperil Hollywood investment in China.
Piracy
The Trans-Pacific Partnership deal includes tough penalties for piracy. Hollywood studios see such efforts as vital to their business. But Trump isn't a fan of TPP, so anti-piracy efforts may have to come from another direction.
News media
It's no secret that Trump isn't a fan of journalists. Now CNN, NBC and other news organizations will have to watch closely to see if Trump follows through on promises to change libel laws and make it easier to sue journalists.
Labor issues/tax credits
The boss of the IATSE union issued a blistering takedown of Trump the day after the election, predicting "severe consequences" for Hollywood's rank-and-file workers.
Facebook & fake news
Some Democrats are angry that the social media site co-created by Mark Zuckerberg may have facilitated Trump's rise by spreading bogus stories about alleged Hillary Clinton malfeasance. Newsgathering organizations may reevaluate their social-media plans as a result.
Liberal Hollywood
Ever-liberal Hollywood was firmly behind Hillary Clinton's White House bid, and now it's entirely possibly that a vengeful President Trump -- a reality TV-fixture since his "Apprentice" days -- will look for payback.
Incoming commander-in-chief could have a big impact on the media and entertainment businesses
Many in Hollywood are worried about how Donald Trump's election might impact the entertainment industry. And with good reason: Trump's presidency might upend taxation, foreign relations, labor policy and more.
