Donald Trump will ring the New York Stock Exchange bell. It’ll be a first for him
NEW YORK– NEW YORK (AP) — President-elect Donald Trump is expected to call opening bell at the New York Stock Exchange Thursday is the ceremonial start of the trading day, according to four people with knowledge of his plans.
It will be a remarkable moment of recognition for Trump, a born and bred New Yorker who gave up life in his eponymous Trump Tower in Manhattan and moved to Florida. The US stock market soared after Trump won the 2024 election in part by exploiting US concerns about the economy.
The ringing of the bell is a powerful symbol of American capitalism – and a great photo opportunity in New York. According to the NYSE calendar, Trump has never done this before.
Trump hasn’t been back to New York much since he was convicted there earlier this year in a hush money trial. His lawyers are pushing for the case to be dismissed altogether in light of his election.
The people who confirmed the call were not authorized to discuss the matter publicly and spoke to The Associated Press on condition of anonymity. It was not clear whether Trump, a Republican, would meet with New York’s embattled mayor. Democrat Eric Adamswhile you are in town.
The stock exchange regularly invites celebrities and business leaders to participate in the ceremonial opening and closing of trading. During Trump’s first presidential term, his wife, Melania Trump, rang the bell to promote her “Be Best” initiative to promote child welfare.
After the elections of November 5, the S&The P500 rose 2.5% for its best day in almost two years. The Dow Jones Industrial Average rose 1,508 points, or 3.6%, while the Nasdaq composite rose 3%. All three indexes surpassed the records they set in recent weeks.
The US stock market has historically tended to rise regardless of which side wins the White House, where Democrats have averaged bigger profits since 1945. But Republican control could mean big shifts in the winning and losing industries beneath the surface, and investors are adding to their previously made expectations about what the higher rates, lower tax rates and lighter regulations what Trump favors will mean.
Ringing the bell has been a tradition since the 19th century. The first guy to do it was a 10-year-old boy named Leonard Ross, in 1956, who won a quiz and answered questions about the stock market.
Often, companies listed on the exchange would ring the bell at 9:30 a.m. to commemorate their initial offering as trading began. But appearances have become an important marker of culture and politics — something Trump hopes to seize now that he has promised historic levels of economic growth.
Anti-apartheid lawyer and South African President Nelson Mandela rang the bell, as did Hollywood star Sylvester Stallone with his castmates from the film “The Expendables.” This also applies to actors Robert Downey Jr. and Jeremy Renner for an “Avengers” movie and Olympians Michael Phelps and Natalie Coughlin.
In 1985, Ronald Reagan became the first sitting American president to sound the alarm.
“With tax reform and budget control, our economy will be free to reach its full potential, sending the bears back into permanent hibernation,” Reagan said at the time. “We’re going to release the bull.”
The crowd of traders on the floor chanted, “Ronnie! Ronnie! Ronnie!”
The Dow Jones Industrial average rose in 1985 and 1986, but fell in October 1987 during an event known as “Black Monday.”
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Long reported from Washington. Associated Press writer Josh Bock in Washington contributed to this report.