President-elect Donald Trump became a celebrity and reality TV star by using his reputation as a prosperous New York businessman and winning the recently concluded US presidential elections. Now that he has been voted Time Magazine’s Person of the Year, he will be able to celebrate one of the city’s most conspicuous emblems of achievement when he rings the opening bell of the New York Stock Exchange on Thursday.
According to media reports, Donald Trump will ring the opening bell of the New York Stock Exchange on Thursday, the day he is anticipated to be named Time magazine’s “Person of the Year.” Two persons knowledgeable about the selection and arrangements are quoted as saying this in a section of the media.
A Time representative chose not to comment on the choice.
For Trump, born and raised in New York and has long been regarded as a symbol of his success in the city’s business community, his appearances on magazine covers, notably Time, will be a moment of dual recognition. Trump has occasionally used the stock market as a gauge of public opinion.
Before entering politics, the Republican president-elect amassed a fortune as a real estate businessman in New York. The stock market’s strength, which has so far embraced his re-election, was one of the metrics he used to gauge his success during his first term as president.
At the biggest stock exchange in the world, striking the bell, which marks the beginning or end of the trading day, is regarded as an honour. Traditionally, company executives have only performed this gesture to commemorate an IPO or other noteworthy business achievements. However, politicians and celebrities, including Arnold Schwarzenegger, Nelson Mandela, and Ronald Reagan, have also rung it.
Politico was the first to report on Trump’s plans and selection.
Trump had already been named Time’s “Person of the Year” in 2016. In 2020, following their victory over Trump, Democratic President Joe Biden and Vice President Kamala Harris were named Person of the Year. Last year, pop sensation Taylor Swift won the award.
Time CEO Jessica Sibley announced Taylor Swift as the magazine’s 2023 Person of the Year last year.
Following the election on November 5th, the S&P 500 had its best day in over two years, rising 2.5 percent. The Nasdaq composite soared 3 percent, and the Dow Jones Industrial Average jumped 1,508 points or 3.6 percent. In recent weeks, all three indexes have broken previous records.
Regardless of the party that wins the presidency, the US stock market has typically tended to improve, with Democrats seeing more considerable average gains since 1945. However, under the surface, Republican rule may significantly change the winning and losing industries. Investors are increasing their wagers on the effects of Trump’s preferred higher tariffs, lower tax rates, and laxer regulations.
As a wealthy real estate developer who rose to popularity as the star of the television program The Apprentice, where contestants attempted to impress him with their business acumen, Trump has long courted the business world. He capitalised on Americans’ profound concerns about an economy that appeared incapable of providing for the middle class, which helped him win the election.
The greater business community has praised his pledges to lower corporation taxes and streamline regulations. However, there are also worries about his declared intentions to apply broad tariffs and even single out businesses he believes do not share his political views.
Although Trump resides in Florida most of the time, he spent weeks in New York this spring while he was on trial for hush money. Despite his conviction, his attorneys are attempting to have the case dismissed because of his election.
Trump conducted his presidential campaign on the streets of the Democratic city of Manhattan, where he spent hours each day in a courtroom for his criminal trial. He spoke at a rally in the Bronx and appeared in places frequented by working-class New Yorkers, such as a firehouse, a construction site, and a bodega.
In September, Trump made a second trip back to the city to meet with Ukrainian President Volodymyr Zelenskyy at his Manhattan tower. During the last days of the campaign, he held a rally at Madison Square Garden that immediately sparked backlash after speakers used derogatory and racist language and made inflammatory statements.
Ringing the bell at the stock market has been a custom since the 1800s. Leonard Ross, a 10-year-old boy who won a quiz show by correctly answering questions on the stock market, was the first guest to do it in 1956.
Companies listed on the market frequently ring the bell at 9:30 a.m. to mark the start of trade. However, since Trump has pledged record-breaking economic development, appearances have become a significant cultural and political indicator.
Anti-apartheid advocate and South African President Nelson Mandela rang the bell, as did Hollywood actor Sylvester Stallone with his castmates from The Expendables. Olympians Michael Phelps, Natalie Coughlin, and actors Robert Downey Jr. and Jeremy Renner for an Avengers film did the same.
Ronald Reagan became the first sitting US president to ring the bell. Reagan had declared, “Our economy will be free to expand to its full potential with tax reform and budget control, driving the bears back into permanent hibernation.” “We intend to release the bull.”
“Ronnie! Ronnie! Ronnie!” chanted the traders on the floor.
In October 1987, during what is known as “Black Monday,” the Dow Jones Industrial Average fell after rising in 1985 and 1986.
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