A sense of déjà vu overwhelmed Wall Street this week, as Donald Trump’s election win gave the stock market a jolt similar to what happened after his victory eight years ago. Small caps soared, banks leaped and the S&P 500 Index had its best Election Day in history and strongest week in 12 months.

Jerome Powell-led FOMC voted unanimously to slash the benchmark interest rate by 25 bps to 4.50 - 4.75 per cent in the seventh policy decision for 2024.

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JPMorgan Chase fell 4.3%, a day after banks decisively led the market on expectations that a stronger economy and lighter regulation would mean fatter profits. It and Goldman Sachs were the biggest reasons for the Dow’s slight loss.

All year, a slew of Wall Street pros have questioned the durability of an indiscriminate risk rally that has fattened stock prices by trillions of dollars, sent Bitcoin soaring, fueled a credit bonanza,

U.S. stocks cruised to more records as they closed their best week in a year. The S&P 500 rose 0.4% Friday to cap its biggest weekly gain since early November