Six months ago, Donald Trump found himself in a courtroom in lower Manhattan as a jury pronounced him the first former president to be convicted of a crime. This Thursday, he is set to ring the opening bell at the New York Stock Exchange just a few blocks away from that courthouse and will be honored as Time magazine’s person of the year. These accolades for the businessman-turned-politician mark a significant turnaround in his relationship with New York, showcasing his remarkable comeback from an ostracized former president who refused to accept his election loss four years ago to a president-elect who decisively won the White House in November.
Sources familiar with Trump’s plans have revealed that he is expected to be present on Wall Street to kick off the day’s trading and will also be announced as Time’s 2024 Person of the Year. These sources, who spoke to The Associated Press on the condition of anonymity, confirmed Trump’s appearance at the NYSE and the Time award.
In 2016, Trump was previously named Time’s Person of the Year when he was elected to the White House for the first time. This year, he was listed as a finalist alongside other prominent figures such as Vice President Kamala Harris, Tesla owner Elon Musk, Israeli Prime Minister Benjamin Netanyahu, and Kate, the Princess of Wales. While Time has not officially confirmed Trump’s selection, the company’s CEO has a history of ringing the NYSE bell to reveal the Person of the Year, as was the case with Taylor Swift in 2023.
Trump’s upcoming visit to New York from his residence in Florida to participate in the NYSE opening bell ceremony reflects a series of visits he has made to various locations in the city this year. Aside from his required court appearances, Trump, known for his knack for photo ops, held campaign events at various venues in the city, including a firehouse, a bodega, and a construction site. He even hosted a rally in the Bronx, one of the areas where he gained support during the election campaign.
Trump has had a long-standing desire to appear on the cover of Time magazine, leveraging this aspiration to bolster his image as a successful real estate developer, reality TV star, and eventually, a presidential candidate. Following the election in November, the stock market experienced a significant surge, with the S&P 500 recording its best day in nearly two years and the Dow Jones Industrial Average rising by 1,508 points, or 3.6%.
U.S. Stock Market Hits Record Highs Amid Trump’s Transition
In a significant surge, the Nasdaq composite leaped by 3% today, propelling all three major indexes to new record highs. This latest rally comes as President Trump closely watches the stock market as an indicator of public approval. Trump has even suggested that his upcoming term as president should officially commence the day after the election to ensure he receives credit for the market gains.
Throughout his campaign, Trump made ambitious promises to deliver unprecedented economic growth, a pledge that has resonated with many in the business sector. This sentiment is reflected in Trump’s appointment of individuals with strong ties to the business world to key positions within his incoming administration. The business community has lauded Trump’s proposals to slash corporate taxes and streamline regulations, viewing them as potential stimuli for economic expansion.
However, concerns have arisen regarding Trump’s intentions to implement widespread tariffs and potentially target companies perceived as conflicting with his political agenda. These uncertainties have added a layer of complexity to the market dynamics, as investors carefully assess the potential implications of Trump’s policy directions.
Historically, the U.S. stock market has exhibited resilience and growth regardless of the party affiliation of the incoming president. Since 1945, Democratic administrations have generally overseen larger average gains in the market. Nonetheless, the prospect of Republican control under Trump’s leadership could herald significant shifts in industry dynamics, prompting investors to adjust their strategies in anticipation of potential regulatory changes.
Following his victory in the election, Trump’s legal team has been actively seeking to overturn his conviction in the Manhattan case, signaling a continued focus on legal matters amidst the transition period.
The current market environment is characterized by a mix of optimism and cautious anticipation as investors await further clarity on Trump’s policy agenda. The evolving landscape of regulatory reforms, tax policies, and trade relations will undoubtedly shape market trends in the coming months.
In Washington, Associated Press writers Colleen Long and Josh Boak have been closely monitoring these developments and providing valuable insights into the implications of Trump’s transition on the financial markets.
As the markets continue to react to the shifting political landscape, investors are advised to maintain a vigilant stance and adapt their strategies in response to the unfolding policy changes under the new administration.
