Trump’s stock rally is a long way off
Trump’s surge in the polls and a series of big wins on Tuesday for Republicans helped push his stock market rally back to record levels.
The rally was fueled by Republican-controlled states, with President Trump leading in most polls.
But he still trails Democratic rival Hillary Clinton in the Electoral College vote by more than 3 million votes.
The markets opened lower Tuesday morning, rising 0.5% to close at $7,096.52.
The Dow Jones industrial average closed up 1.7% to 17,879.
The S&P 500 closed up 2.2% to 2,542.26 and the Nasdaq Composite index of stocks closed down 3.5%.
Trump’s victory over Democrat Joe Biden in Tuesday’s presidential election was his largest since 2008, when he won a third term.
It helped push the Dow Jones Industrial Average back higher and the S&P 500 and Nasdaq to record highs.
Trump was the first presidential candidate to receive the endorsement of the American Conservative Union, which had endorsed him during the presidential campaign.
Trump’s win is his first since he announced he would seek the Republican nomination for president in May 2016.
Trump is the first sitting president to win the electoral college since George H.W. Bush in 1988.
Trump won the Electoral Vote in a landslide with 270 electoral votes.
Republicans won all three Senate seats up for election in the swing state of Pennsylvania.
Democrats took the state in a wave election that propelled President Barack Obama to re-election in 2012.
The President-elect’s victory in the electoral College came despite Republican objections that he should not be considered the winner because of a flawed election-year voter purge.
The House voted on Tuesday to pass a bill that would nullify the result of Tuesday’s vote, though it was unclear if it would become law.
That prompted House Speaker Paul Ryan to call on the Senate to overturn the election-night results, which he said would be “a tragedy for our democracy.”
Republican lawmakers have already passed legislation to prevent the president-elect from being considered the rightful winner, and some Republicans have expressed opposition to the legislation.
The Republican-led House and Senate passed legislation Monday to nullify election-results legislation, but Democrats blocked it.
President Trump, the President-Elect and Vice President-designate Mike Pence hold a news conference after casting their votes for Vice President Joe Biden, Tuesday, Dec. 11, 2021, in the Capitol.
(Photo: Mark Wilson, Getty Images) President-Joe Biden (Photo credit: Chip Somodevilla/Getty Images) Republican lawmakers are likely to take up the issue of nullification on the floor of the House.
They are expected to call for an amendment to overturn election-day results that would have barred President Trump from becoming the president of the United States.
President-Donald Trump speaks during a rally at the Indiana State Fairgrounds in Indianapolis, Tuesday.
(Tami Chappell/The Star-Ledger via AP) House Minority Leader Nancy Pelosi (D-Calif.)
(Photo by Drew Angerer/Getty, File) Democratic lawmakers have proposed the idea of a joint resolution calling for the nullification of the election results.
Democrats also want Congress to adopt a law that would make it a felony to interfere with the election process.
Democrats have proposed that Congress pass a law to make it an offense to interfere in the election, which is punishable by up to five years in prison.
A similar measure was proposed in Congress in 2011 but died in a Republican-only Senate.
A House-passed measure that would create a federal database of election-related data and make it easier for the federal government to investigate voting-related crimes was rejected by the GOP-led Senate.
The White House said Tuesday that the election data bill is an effort to ensure a “robust election process” that ensures voters’ voices are heard.
“The White House is committed to restoring confidence in our elections,” the White House spokeswoman said in a statement.
The bill was approved by the Senate and the House and passed both chambers by voice vote in November.
Democratic House members in the House, however, voted to block it on Tuesday.
President Donald Trump delivers remarks about the death of Supreme Court Justice Antonin Scalia, Tuesday at the Capitol in Washington, D.C. (Melina Mara/The Washington Post) Democrats were particularly incensed over the vote.
Rep. John Larson (D) of Connecticut and Rep. Bonnie Watson Coleman (D), the House minority leader, called the vote a “sad day for our democratic process.”
“We must all be very clear: this was a vote to nullified the election and to have our elections taken away from us,” Watson Coleman said in an emailed statement.
House Minority Whip Steny Hoyer (D)-Md.
(AP Photo/Susan Walsh) Democrats are also pushing legislation to increase the penalties for voting fraud, which they say could bring in $100 million a year to help pay for public education and other programs