It has been just over two weeks since the close of the biggest presidential election in the history of the United States. A few days after the election, when vote counting was complete, the electoral vote ended with 312 for Trump and 226 for Harris. Although the electoral vote may not have been too close, the popular vote was, with 77 million for Trump and almost 74 million for Harris. With this number almost split 50/50, it is obvious that no matter the result, half the nation would not be happy. This point in time allows the U.S. public to enter a period of transition before the Inauguration on Jan. 20. Throughout the next few weeks, we will hear announcements of newly elected officials and observe supposed agendas being implemented. The nation as a whole must find a way to come to peace, or the next four years will be painful for us all. Since election day, we have seen a spike in the stock market, Harris’ campaign in shocking debt, and a change in foreign relations.
Investors constantly are swayed by the elected officials in office, so there was no doubt that the 2024 Presidential election would have a major impact on the market. History has proven that markets tend to spike after elections because investors anticipate new policies being implemented. This particular election caused the market to spike because of proposed tax cuts, strong earnings reports, and lowered interest rates which caused more people to borrow money and quickly invest. The Dow Jones Industrial and S&P 500, which include the top companies listed on the stock market, saw gains of 5% in the week following the election. This single week marked each of their best increases in the past few years, and they also hit all-time record-high totals.
The conclusion of the 2024 Presidential election opened the eyes of the public to some financial issues for the Harris campaign. The Harris campaign raised over $1.5 billion and somehow ended up with $20 million in debt. This debt is due primarily to major spending on advertising, event/rally setup, celebrity appearances, and a heavy online presence. Many are arguing that the campaign should have concentrated more on direct voter interactions to better support Harris, rather than only focusing on advertising name recognition which totaled around $700 million in spending. Many believe the election loss for Harris can be attributed to this mismanagement of funds by campaign manager Jen O’Malley Dillon.
The result of the election also paved the way for a new chapter of foreign relations. The UK’s Prime Minister Keir Starmer, Germany’s Chancellor Olaf Scholz, and France’s President Emmanuel Macron, all were quick to congratulate Trump and expressed hope to continue a strong collaboration between nations. The NATO Secretary General Mark Rutte, who took the job in early October, stressed the importance of having Trump lead the way and strengthen the overall alliance. Israeli Prime Minister Benjamin Netanyahu offered great support for Trump and described a desire to strengthen the U.S.-Israel relationship. Multiple leaders from African countries also stated they have high hopes for efforts to improve economic issues. Ukrainian President Volodymyr Zelenskyy shared hopes for the U.S. to offer continued support against the Russians in this critical time, while Vladimir Putin also congratulated Trump and called him a “courageous man.”
The aftermath of any election creates an opportunity for the population to transition into a new chapter of their lives and in the country. There will always be mixed emotions because people support opposing sides, so we see some with great optimism and others with intense disappointment. Things should settle down in the following weeks though, and Trump and his team will need to address the country as a whole and offer a planned path for the future. Regardless of the election’s outcome, half of the country was going to be disappointed, so it is in everybody’s best interest to find a way to understand and support each other as we approach the new beginning of leadership in our country.
