Trump Presidency Lifts Wall St to Record High; Dollar, Treasury Yields Surge

GLOBAL MARKET - NEW YORK/LONDON. Wall Street tore to record highs on Wednesday and major stock markets around the world surged, while bitcoin hit an all-time-high and the dollar was set for its biggest one-day jump in four years after Donald Trump was elected U.S. president.

Trump's decisive victory pummelled long-dated Treasuries and revived the "Trump trade," as yields rose in anticipation that Trump will hike tariffs as he has promised, increasing the U.S. deficit and inflation and causing the Federal Reserve to cut interest rates by less than it otherwise would have.

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