Global stock markets and the U.S. dollar slipped sharply on news that Republican candidate Donald Trump has been elected as the 45th president of the United States, but staged a recovery on November 9 as investors digested the information.
On Wall Street, U.S. stocks opened broadly lower on November 9 before gradually rebounding and then accelerating and recovering those loses after Democratic candidate Hillary Clinton emphasized in her concession speech that there needs to be an orderly transfer of power.
At the closing bell, the Dow Jones Industrial Average was up 1.4 percent, The S&P was up 1.1 percent, and the Nasdaq was up 1.1 percent.
The biggest winners were private prison operators, oil companies, and pharmaceutical companies. All of those sectors were expected to face punishing regulations under a Clinton presidency and are expected to benefit from Trump's pledge to loosen regulations on businesses.
The U.S. dollar went into a tailspin against the yen, falling by 4 percent in overnight trading, while the euro the spiked by 1.3 percent against the U.S. currency.
But the dollar also rebounded and erased it's earlier losses on November 9.
Oil prices plunged by over 4 percent to $43.17 a barrel on the intial news of Trump's victory, but the price rebounded on November 9 and was trading up nearly 1 percent at $45.38 per barrel near the end of the trading day on the New York Mercantile Exchange.
European stocks tumbled in opening deals on November 9. London's FTSE 100 index fell by 2 percent open opening, but recovered to gain one percent by the end of the day's trading.
Trump campaigned against free-trade deals like NAFTA and the more recently signed Trans-Pacific Partnership, suggested taxing imports from countries like China and Mexico, and touted building a wall on the southern border to block illegal immigration that the Mexican government would pay for.
Russian stocks escaped the volatile turmoil, rising amid apparent perceptions that Trump could ease some of the damage in relations with Moscow.
Perhaps due to Trump's pledge to build a "beautiful wall" between the United States and Mexico if he wins the presidency, the Mexican peso was battered, falling to a record low against the dollar.
Risk-averse investors reportedly viewed the prospect of a Clinton administration's policies as mostly a continuation of the "status quo" established by President Barack Obama.
The Republicans also retained control of both houses of the U.S. Congress, potentially giving Trump considerable leverage once he is sworn into office on January 20.
Based on reporting by Reuters and AFP