iStock/Thinkstock(NEW YORK) — Bouncing back from a tumultuous night, U.S. markets were mixed Wednesday as investors sized up what the prospect of a Donald Trump presidency could mean for the global economy.
As it became clearer overnight that Trump would clinch the presidency, markets were thrown into disarray as investors recalibrated their positions that had been set under the long-held assumption that Clinton would be elected the next U.S. president.
In the first few minutes of trading in New York Wednesday morning, the Dow bounced between positive and negative territory.
However confused, the morning’s trading was calm relative to the tumult seen in futures markets Tuesday night.
Dow futures, at one point overnight, were down more than 800 points. If that had stuck until today, it would have been worse than some of the darkest days of the financial crisis of 2008.
But one asset wasn’t enjoying the same fortune on the first morning after Election Day.
The Mexican peso, which has been highly sensitive to Trump’s electoral prospects over this election cycle, saw a substantial slide as the election results were tabulated and showed Trump pulling ahead.
The peso was still trading Wednesday morning at more than 20 pesos to the dollar. As of 9:30 a.m., it had lost more than 10 percent of its value from 8:00 p.m. Tuesday night when the devaluation began.
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