Donald Trump will be the next President of the United States after pulling out the biggest election night surprise since 1948.
Trump clinched his election victory with surprising strength in the “Rust Belt” states, an area where Hillary Clinton and the Democrats miscalculated their strength especially in Pennsylvania, Michigan and Wisconsin.
The presidential result emphasizes the deep dissatisfaction voters feel with Washington and what is called ‘politics as usual.’ Trump’s victory can be credited to his ability to sell himself as an outsider from the political establishment of both parties.
The Trump victory brought immediate uncertainty to financial markets as world stocks began tanking around 9 p.m. on election night and Dow futures dropped 650 points overnight. This is not the reaction of the stock markets that one would expect with a Republican candidate winning the presidency. The markets rebounded later to recover most or all of their losses.
This is not the reaction of the stock markets that one would expect with a Republican candidate winning the presidency.
However, voter rejection of politics as usual only extended as far as the presidential race. Most members of Congress seeking re-election were returned to their seats without a problem, some without an opponent.
So, if you’re expecting big changes in Washington with Trump as president, get ready for a disappointment. Congress still controls the domestic agenda as well as the purse strings.