Two days ago Hillary Clinton was leading in nearly in all the polls and the financial markets were convinced that Hillary Clinton had won the election. Donald Trump is doing much better than the Establishment anticipated in presidential election and the financial markets are not handling that unexpected respected result very well.
On Wall Street, all three major stock index futures sank more than 3 percent. The Dow Jones industrial average futures slid more than 700 points, or over 4 percent. The Standard & Poor’s 500-stock index sank more than 100 points, and the tech-heavy Nasdaq dropped nearly 200 points.
The U.S. dollar has slumped 2.7 percent. The ICE U.S. Dollar index, a measure of the dollar’s strength against a basket of six rivals, was off 0.9 percent.
In Asia, stocks opened sharply lower, with the Hong Kong’s Hang Seng index down 3.12 percent. The Nikkei index was off 2.2 percent. Australia’s all-ordinaries index was off 1.6 percent.
The Mexican peso plunged nearly 11 percent, reaching a new record low at 20.30 pesos to the U.S. dollar.
According to Chris Weston, chief markets strategist at IG Markets in Melbourne, “Pollsters need to go away and have a holiday – every single one of them should be fired. Markets weren’t prepared for this.”
Wall street is very upset that it is no longer clear that the candidate the gave all that money to for speeches will be the next president.