Those who promised immediate Armageddon if Donald Trump won the election were temporarily elated until Trump gave a very gracious election win speech.

The stock markets globally had wild swings as did US treasuries, the dollar, and gold.

You need to go all the way back to the dark days of 2008 to find a stock market reversal to rival that of the last 12 hours, in which S&P 500 Index futures erased a 5 percent loss triggered by Donald Trump’s surprise presidential election win. Bigger turnarounds only happened three times before, twice in the final months of 2008 and the other in October 1987, data compiled by Bloomberg show. Stocks turned higher on Wednesday as speculation the Republican will pursue business-friendly policies offset some of the broader uncertainty surrounding his ascent.

S&P 500

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Nasdaq

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Nikkei

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US Dollar Index

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10-Year Treasury Yield

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Gold

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At one point the equity futures were limit down. Now they are green. It was quite a historic reversal, as was the election.

Mike “Mish” Shedlock