US stocks saw the biggest inflow since June on the day Trump won the election: Bank of America
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Investors poured $20 billion into U.S. equity funds on Wednesday after President-elect Donald Trump was declared the winner of the presidential election, according to Bank of America.
The bank’s strategists, led by Michael Hartnett, reported that it was the biggest stock inflow since June, with the $2.9 billion in cash inflows the highest on record.
The Dow, S&P 500 and Nasdaq hit new records after President-elect Donald Trump was declared the winner of the presidential election on Wednesday. (Getty Images / Image Image / Getty Images)
The note said the big picture is that “Trump won big, as American voters paid more attention to inflation, inequality … immigration than low unemployment,” and the “big sweep” of Republicans equated to “big policies,” about $8 trillion . in tax cuts, $3 trillion in tax revenue and $1 trillion in spending cuts.
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Trump’s victory over Vice President Kamala Harris was a decisive decision, as the president-elect won both the Electoral College and the popular vote. The GOP regained control of the Senate and is within striking distance of retaining a majority in the House, but control of the lower chamber was up in the air Friday as key races remained too close to call.
Trump’s hat on the floor of the New York Stock Exchange in New York on Nov. 6, 2024. (Michael Nagle/Bloomberg via Getty Images/Getty Images)
The Dow Jones Industrial Average, S&P 500 and Nasdaq all hit new records after Trump’s win on Wednesday.
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Dow funds, including Goldman Sachs and JPMorgan, helped boost gains.
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES QUANTITIES | 43988.99 | +259.65 |
+0.59% |
| SP500 | S&P 500 | 5995.54 | +22,44 |
+0.38% |
| I: COMP | NASDAQ COMPOSITE INDEX | 19286.776974 | +17.32 |
+0.09% |
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Even before Trump appeared to emerge victorious, stock futures had been rising slightly, building on Tuesday’s session in which all three major markets rose more than 1% as all major sectors of the S&P 500 locked in gains.
FOX Business’ Suzanne O’Halloran and FOX News’ Elizabeth Elkin contributed to this report.
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