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Economy & Finance

U.S. Stocks

U.S. stocks surged to record highs after Donald Trump secured the presidency, with the Dow climbing over 1,500 points and the S&P 500 and Nasdaq setting new peaks. Small-cap stocks and companies poised to benefit from Trump's policies, like Tesla and major banks, saw significant gains. Investors anticipate economic stimulus from tax cuts, deregulation, and domestic growth measures. The dollar and Treasury yields also spiked, reflecting expectations of increased fiscal spending. Republicans are projected to regain the Senate, while the House remains contested, raising the potential for substantial shifts in economic policy.

Crypto

Bitcoin soared to new record highs following Donald Trump’s presidential election win over Kamala Harris, rising 9% to over $76,000. The crypto market surged broadly, with Ethereum and Solana experiencing double-digit gains and Coinbase shares seeing their best trading day since the company’s debut. Investors are optimistic about Trump’s promised pro-crypto policies, including favorable regulation, a national Bitcoin reserve, and replacing SEC Chair Gary Gensler, who has clashed with the industry. The election’s impact is amplified by concerns over inflation, fiscal policies, and Bitcoin’s historical post-election performance, often linked to major Federal Reserve moves and supply halving cycles.

Technology

TikTok

Canada has ordered TikTok’s local business to shut down, citing national security concerns linked to its Chinese parent company, ByteDance. However, the government clarified that Canadians can still use the app and create content. The decision follows a review of TikTok’s plans to invest and grow in the country, with the assessment conducted under laws allowing Canada to evaluate foreign investments for security threats. Innovation Minister Francois-Philippe Champagne said the move is based on evidence and advice from security and intelligence agencies. TikTok plans to contest the order in court, arguing that the closure will harm Canadian jobs. Previously, the app was banned from Canadian government devices over privacy and security risks.

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