Markets surge to record highs, dollar jumps following Trump victory



President Donald Trump promised to usher in the "golden age of America" in his victory speech early Wednesday morning. At the open of trading hours later, the Dow gained over 1,320 points (in excess of 3%) while the S&P 500 index increased by 1.9% and the Nasdaq rose by 2.2%.

CNN indicated that this is the first time the Dow has jumped over 1,000 points in a single day since November 2022.

While some analysts suspect the decisiveness of the win may have put some investors at ease, others figure Trump's policy proposals — especially those pertaining to deregulation and taxes — have investors excited.

Michael Block, COO at AgentSmyth, told CNN, "There is this huge perception of [a] business friendly, tax-friendly regime coming into place, especially with them winning the Senate."

'Business animal spirits could be rekindled once again.'

Republicans have secured a majority in the U.S. Senate and are poised to keep the House.

"Assuming the House goes Republican, we expect that a Red Sweep outcome will play out in a similar fashion to the 2016 playbook but to a lesser degree given a more mature economic backdrop and higher equity valuations," Jeff Schulze at ClearBridge Investments told Bloomberg. "Business animal spirits could be rekindled once again from Trump's pro-business approach."

As it became clear Trump was going to win in a landslide, the price of Bitcoin rocketed from south of $70,000 to over $75,000 overnight, zigzagging around $74,400 Wednesday morning. This jump was energized by Trump's embrace of crypto on the campaign trail.

In July, Trump told crypto boosters at a Bitcoin conference in Tennessee that he would make the U.S. the "crypto capital of the planet."

Not only did the U.S. dollar rise against the euro, the peso, the Japanese yen, and the Chinese yuan in response to Trump's landslide win — the biggest rise since March 2020 — the New York Times indicated that yields on U.S. government bonds also climbed sharply. Treasury 10-year yields reportedly advanced 18 basis points to 4.45%.

While the American market was ostensibly made great again, European stocks took a tumble Wednesday afternoon. CNBC noted that the pan-European Stoxx 600 was down 0.68% by 4 p.m. London time.

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Federal court rules in favor of Pennsylvania signature verification for mail-in voting, frustrating leftists



Democratic-appointed judges on the 3rd U.S. Circuit Court of Appeals ruled Wednesday that only those mail-in ballots that are correctly dated can be counted in elections held in the Commonwealth of Pennsylvania.

The Republican National Committee celebrated the result, suggesting it would bolster voter confidence in the integrity of their elections.

The ACLU of Pennsylvania and other leftist outfits alternatively denounced the ruling, intimating the fight to permit the counting of unsound ballots in Pennsylvania is not over.

Background

Following a lawsuit from the Republican National Committee, the Republican Congressional Committee, and the Republican Party of Pennsylvania, the Pennsylvania Supreme Court ordered state election officials in November 2022 to refrain from counting any mail-in ballots bearing undated or incorrectly dated envelopes.

The court had evidently agreed with the Republicans seeking the injunction who argued the "General Assembly could not have been clearer" when it "mandated that a voter who chooses to vote via absentee or mail-in ballot 'shall ... fill out, date and sign the declaration' printed on the outer envelope of the ballot."

Since Democrats relied more on mail-in ballots than Republicans in previous years, the ruling was expected to lead to more disqualified Democrat votes in the general election.

The Pennsylvania State Conference of the NAACP and other leftist groups subsequently sued Pennsylvania election officials in an effort to force the state to count such invalid mail ballots.

The original complaint in NAACP v. Schmidt alleged that the refusal to count ballots supposedly mailed on time but lacking a date or incorrectly dated "violates the Materiality Provision of the Civil Rights Act, which makes it unlawful to deny the right to vote based on an 'error of omission' on a voting-related 'record or paper' that is 'not material in determining whether [a voter] is qualified under State law to vote in [the election].'"

In November 2023, the U.S. Court for the Western District of Pennsylvania ruled in favor of the plaintiffs, concluding that federal law requires mail ballots be counted even if undated or bearing a date that is "incorrect."

Republicans swiftly appealed the decision to the 3rd U.S. Circuit Court of Appeals.

Fortunes reversed

The federal appeals court handed down a 2-1 ruling Wednesday, reversing the district court's ruling.

Circuit Judge Thomas Ambro noted in the majority's opinion Wednesday that contrary to the claim advanced in the Pennsylvania State Conference of the NAACP's complaint, "The Materiality Provision only applies when the State is determining who may vote. In other words, its role stops at the door of the voting place."

"The Provision does not apply to rules, like the date requirement, that govern how a qualified voter must cast his ballot for it to be counted," continued Ambro.

The court underscored that individuals "are not 'denied' the 'right to vote' if non-compliant ballots are not counted."

Ambro added, "We reach this conclusion because a contrary approach cannot be reconciled with the text and historic backdrop of the statute, nor cabined to the date requirement while leaving intact other vote-casting rules that serve valid state interests."

Republican National Committee Chairman Michael Whatley said in a statement, "This is a crucial victory for election integrity and voter confidence in the Keystone State and nationwide."

"Pennsylvanians deserve to feel confident in the security of their mail ballots, and this 3rd Circuit ruling roundly rejects unlawful left-wing attempts to count undated or incorrectly dated mail ballots," added Whatley. "Republicans will continue to fight and win for election integrity in courts across the country ahead of the 2024 election."

The RNC further emphasized the importance of reinforcing mail ballot safeguards in Pennsylvania as it is a "crucial swing state."

Mike Lee, executive director of the ACLU of Pennsylvania, bemoaned the result, claiming thousands of Pennsylvanian voters might "lose their vote" over their apparent inability to properly cast a ballot.

Ari Savizky, an attorney with the ACLU's Voting Rights Project who unsuccessfully argued the case before the court, said, "We are considering all of our options at this time. And we will not stop fighting for voters."

Philip Hensley-Robin, the director of Common Cause Pennsylvania, a plaintiff in the case, claimed that this ruling will "undoubtedly have a negative impact on elderly voters and voters of color" but did not specify why minorities are supposedly more likely to submit faulty ballots.

"We will work with partners to ensure that voters across the state of Pennsylvania know how to make sure their votes are counted," added Hensley-Robin.

Spotlight PA noted earlier this month that the decision is likely to be appealed to the U.S. Supreme Court, whereon certain justices have indicated an interest in taking up the issue.

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British businessman reportedly bet $5 million — said to be largest-ever political wager — on President Trump winning election



An unnamed British businessman bet $5 million on President Donald Trump winning re-election to the White House over Democratic presidential nominee Joe Biden — and it's said to be the priciest-ever political wager, the Sun reported.

What are the details?

The paper said the former banker used private bookies registered on the Caribbean island of Curacao for the bet, adding that a friend of businessman said he consulted with "Trump camp insiders" beforehand — and he could get an almost $15 million payout if the president wins.

"Word of this bet has done the rounds, and we think it's the biggest ever made on politics," a betting industry source told the Sun.

Ladbrokes Sports said three of every four bets have been for Trump in the final week of the campaign, the paper reported.

Paddy Power said Monday that betting volume was at 93% for Trump — a whopping increase of 20% over the previous week.

Big money on Biden, too

On the other side of aisle, an individual wagered big money that Biden would triumph, the Sun said.

British bookmaker Betfair Exchange said an unnamed person in the U.K. placed $1.29 million over the weekend on Biden beating Trump, the paper noted.

And should that occur, that individual will get $1,986,903, the Sun said.

Betfair said $337 million worth of bets have been placed on the 2020 election, the paper added.

"This is a huge market," Matthew Shaddick, head of political betting at British sports betting and gambling firm GVC, told AFP news agency, the Sun noted. "It is twice as big as 2016, easily making it the biggest political event ever."

Anything else?

Political betting is illegal in the United States but not overseas, the paper reported.

Betfair election expert Paul Krishnamurty told Newsweek that the large betting sums were coming in the finals days before Election Day due to the "growing confidence in the betting market," the Sun noted.

"That's what we always see at the end of an election where the people get more confident about the market and the big hitters enter," Krishnamurty added, according to the paper.

Liberty Republican Glenn Jacobs, aka WWE's Kane, wins race for Knox County Mayor

Glenn Jacobs, a libertarian-minded businessman best known as WWE champion Kane, has won the race for mayor in Knox County, Tenn.

Jacobs defeated underdog Democratic candidate Linda Haney in Wednesday's election in the heavily Republican county. His win follows a contentious Republican primary in which Jacobs won by only 23 votes, defeating Knox County Commissioner Brad Anders.

"This professional wrestler got into a no-holds-barred, last-man-standing match, and when the bell rung, he was victorious," Jacobs said at a victory party in downtown Knoxville. "We were victorious."

In his victory speech, Jacobs urged his supporters to keep on fighting to get Republicans elected statewide in Tennessee.

"Tonight we can celebrate, but going forward all of us have to work together because we have some very important races that we much win," Jacobs said.

"Throughout my race I heard a lot of talk about the Republican supermajority in the state of Tennessee and the fact that the blue wave, which the media keeps talking about, was going to crash into the big red wall in Tennessee. It will, this year ... But if you look at the demographics, they're not really on our side," he continued.

"What happens if that big red wall is ever breached? If it is, our state and our country will fundamentally change and we can never, ever let that happen."

Jacobs talked about the need for Republicans to reach out to young people and minorities with their principles to grow the party.

"The Republican Party must remain a bulwark against European democratic socialism, which unfortunately the Democratic Party has become. In order to do that we have to grow our party and we have to grow it among young people and among minorities," he said.

"We do not abandon our ideas. We need to stand even more firm. The Republican Party stands for individual liberty. Free markets. It's the party of growth. It's the party of economic opportunity. Those are things that benefit everyone. That's how we need to grow this party," by "ensuring those are the ideas we're spreading."

The WWE congratulated Jacobs on Twitter for his win.

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