US elections highlights: Wall Street hits record high; dollar surges as Trump wins presidency

US Elections 2024 Poll Result LIVE updates: Democrats' Kamala Harris or Republican Donald Trump? Donald Trump is poised to bag the presidency after bagging wins in crucial battleground states

11:16 PM

Trump tells Modi world loves him, India a magnificent country and he a magnificent man - PTI quoting sources

11:08 PM

Wall Street hits record high; dollar, Treasury yields surge as Trump wins presidency

Wall Street marched to record highs on Wednesday and major stock markets around the world surged, while bitcoin also hit an all-time-high and the dollar was set for its biggest one-day jump in four years after Donald Trump was elected US president. Trump's decisive victory pummelled long-dated Treasuries as yields sank in anticipation that Trump would hike tariffs as he promised during his campaign, increasing the US deficit and inflation, and causing the Federal Reserve to cut rates by less than it otherwise would have. Trump, 78, recaptured the White House in Tuesday's election following a campaign that deepened the polarization in the country. "In the near term, we see US equities supported by solid economic and corporate earnings growth, political clarity and Federal Reserve rate cuts," BlackRock Investment Institute said. "Longer term, much depends on how much of Trump's agenda is enacted." The VIX, a measure of volatility also perceived as "Wall Street's fear gauge," dived 19 per cent as investors scooped up risky assets across the board.

10:39 PM

PM Modi speaks to Trump over phone, says will work closely

PM Modi speaks to Trump over phone, says will work "closely together" once again to further strengthen India-US relations.

10:30 PM

"Thank you": US Vice President-elect JD Vance following historic win as congratulations pour in

Following Donald Trump's win in the 2024 US Presidential Elections on Wednesday, where he defeated Democratic candidate and Vice President Kamala Harris, his running mate and Senator JD Vance took to social media platform X, expressing his gratitude to his wife Usha Vance, the people of America along with President-elect Trump.

 

"THANK YOU! To my beautiful wife for making it possible to do this. To President Donald J. Trump, for giving me such an opportunity to serve our country at this level. And to the American people for their trust. I will never stop fighting for ALL of you," Vance said on X.

10:19 PM

Netanyahu among first to call Donald Trump

Israeli PM office today said that Netanyahu was among first to call Donald Trump. "Netanyahu's conversation with Trump was 'warm, cordial' and two agreed to work together for Israel's security, discussed 'Iranian threat'," added the statement.

10:05 PM

Will judge Trump by his 'actions' on Ukraine, says Russia

The Kremlin said Wednesday that it would judge Donald Trump, who has vowed to swiftly end the Ukraine conflict, on his "actions" in office, as many in the West fear his second term could spell disaster for Kyiv. Trump has repeatedly said he would end the conflict launched by the Kremlin in February 2022 "in 24 hours", without giving details on how. He has also lambasted the billions of dollars in US aid for Ukraine that are critical for its defence, and several times blamed Kyiv for the conflict. The Kremlin said it would wait to see what Trump would be like when he takes office in January, expressing some caution with relations between Moscow and Washington at an all-time low since the Cold War.

10:03 PM

EV industry group says companies ready to work with Trump

A group representing the electric vehicle industry said Wednesday it was ready to work with President-elect Donald Trump, who has vowed to reverse many pro-EV policies of his predecessor. The Zero Emission Transportation Association, which includes Tesla, Rivian, Lucid and battery maker LG, said the "next four years are critical to ensuring that these technologies are developed and deployed by American workers in American factories for generations." Trump has vowed to repeal Biden administration rules to speed adoption of electric vehicles and said he may back repealing tax incentives for EV sales.

9:53 PM

Kamala Harris set to deliver speech conceding defeat to Donald Trump tonight

US Vice President Kamala Harris will deliver a speech conceding defeat in the presidential election to Donald Trump at 6 pm (2300 GMT) on Wednesday, two sources told Reuters.

9:48 PM

Russian Prez Putin open to 'constructive dialogue' with US: Kremlin

As Donald Trump was elected the US president for a second term, Russia on Wednesday said President Vladimir Putin remained open to engaging in a "constructive dialogue" with the US, asserting that the future of Washington-Moscow relations depends on the American administration.

 

The remarks by Krelim spokesperson Dmitry Peskov came after 78-year-old Republican leader Trump defeated his Democratic rival Vice President Kamala Harris in a bitterly fought election.

 

Peskov was responding to a question about whether relations between the US and Russia would deteriorate if Russian President Vladimir Putin did not congratulate Trump, the state-owned TASS news agency reported.

 

Peskov said that Putin was willing to engage in dialogue with the US but it will be clear whether Washington's stance on talks changes after Trump takes office.

9:41 PM

Kamala Harris set to deliver speech conceding defeat to Donald Trump tonight

US Vice President Kamala Harris will deliver a speech conceding defeat in the presidential election to Donald Trump at 6 pm (2300 GMT) on Wednesday, two sources told Reuters.

9:27 PM

US election outcome also verdict on Biden, says former Indian envoy

With Donald Trump elected president of the US, riding a historic political comeback, a former Indian diplomat on Wednesday said the election outcome is also a verdict on incumbent President Joe Biden.

 

The 78-year-old Republican leader won the US presidency for a second term, trouncing his Democratic rival Kamala Harris in a bitterly-fought election.

 

While the formal Inauguration ceremony at the White House is still nearly two months away, India's former ambassador to Italy, K P Fabian, suggested that Trump would like the "Ukraine war to be over".

 

Asked about the outcome of the US election, Fabian said, "Though Kamala Harris was the candidate, it was also a verdict on (Joe) Biden. Because, she was the Vice President and Biden nominated her. So, partly, she was carrying the Biden burden in respect of the economy."

8:15 PM

Dow surges 3.2% after Trump wins US presidency

Wall Street stocks surged in opening trading on Wall Street Wednesday after US voters sent Donald Trump back to the White House and delivered him a Republican Senate.
 

Major indices were up 1.8 per cent or more in the early going as hopes about expected tax cuts and regulatory easing more than offset worries about higher tariffs.

7:12 PM

China wants 'peaceful coexistence and win-win cooperation,' with US administration

“China’s US policy is consistent and clear. We view and handle our relations with the US under the principles of mutual respect, peaceful coexistence and win-win cooperation,” Chinese Foreign Ministry spokesperson Mao Ning said Wednesday morning. Officially, the Chinese government has called the election “an internal matter of the United States.”

6:44 PM

Donald Trump bagged victory by 'fundamentally remaking the Republican Party,' says Senator Marco Rubio

“What I’m most impressed by is not just the size of the victory, I know the number is still growing, but the way Donald Trump won this election. He won it by fundamentally remaking the Republican Party, but I hope also revealing to people that for voters in the United States of America, their primary identity is not their ethnicity. It’s not their race. It’s what they do for a living. It’s who’s who they are in their daily lives,” Florida Senator Marco Rubio said.

6:16 PM

Republican legislators congratulate Trump on reelection

Republicans in Congress are congratulating Donald Trump on his reelection. House Speaker Mike Johnson said in a statement, “With President Trump back in the White House, there is no obstacle too great and no challenge too difficult.” Senator Lindsey Graham called on special counsel Jack Smith to end his probe into Trump.