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Market AnalysisMarket Analysis
Market Analysis

Trump Sees ‘Mandate’ in Win as Fox News Projects Presidential Victory

Amos Simanungkalit · 13.8K Views

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Image Credit: Reuters

 

Republican Donald Trump claimed victory in the 2024 presidential election after Fox News projected he had defeated Democratic candidate Kamala Harris, marking a remarkable political comeback four years after leaving office.

"America has given us an unprecedented and powerful mandate," Trump declared to an enthusiastic crowd at the Palm Beach County Convention Center early Wednesday. He was joined by his vice-presidential pick, Senator JD Vance, Republican officials, and his family. Trump also praised Elon Musk, who contributed around $120 million to support his campaign. Trump has announced plans to appoint Musk to lead a commission on government efficiency.

Though other networks had not yet called the race, Trump appeared to be on the brink of victory after securing Pennsylvania, North Carolina, and Georgia, with leads in four additional battleground states, as per Edison Research.

Meanwhile, Harris remained out of the public eye, with her campaign co-chair, Cedric Richmond, briefly addressing supporters gathered at Howard University. Richmond emphasized that "we still have votes to count" and noted Harris would address the public on Wednesday.

Trump’s performance showed strength across the country, improving his 2020 turnout in both rural and urban areas. The Republicans also gained a Senate majority by flipping seats in West Virginia and Ohio, while control of the House remained uncertain, with Republicans holding a slim lead.

Going into Election Day, Trump had a 50-50 chance of reclaiming the White House—a significant comeback after the January 6, 2021, Capitol riot, which many saw as the end of his political career. Trump saw increased support from Hispanic and lower-income voters, groups particularly impacted by inflation. Exit polls from Edison indicated that Trump captured 45% of Hispanic voters, up from his 2020 results, while Harris held 53%.

For voters focused on the economy, about 31% listed it as their top issue and voted for Trump by a significant margin of 79% to 20%. Moreover, 45% reported their families were financially worse off compared to four years ago and supported Trump 80% to 17%.

As election results leaned toward Trump late Tuesday, global markets reacted with U.S. stock futures, the dollar, Treasury yields, and bitcoin all climbing—trades seen as favorable under a Trump presidency.

Trump’s win would make history, as he would become the first president in over a century to serve non-consecutive terms and, at 78, the oldest elected candidate. If Harris were to prevail, she would be the first female, Black, and South Asian American president.

TRUMP SURPASSES 2020 PERFORMANCE

By 12:30 a.m. ET, votes had been nearly counted in half the country’s counties, showing Trump’s share up about 2% from 2020. His support increased across diverse regions, including suburban, rural, high-income, and low-income counties, as well as areas with both high and low unemployment.

Harris had aimed to replicate Biden's strong support in urban and suburban areas, but her voter turnout trailed Biden’s 2020 results.

Nearly three-quarters of voters expressed concerns over the state of American democracy, highlighting the deep divisions within the country. Trump’s campaign leaned into dark rhetoric and warnings about the integrity of the election system, while Harris cautioned that a second Trump term would endanger democratic values.

Hours before polls closed, Trump made unsubstantiated claims on Truth Social, alleging "massive CHEATING" in Philadelphia and later in Detroit, reminiscent of his unfounded fraud allegations from the 2020 election.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paraphrasing text from "Investing.com" all rights reserved by the original author

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