STI leaps 44 pts following Wall St rally
Banks are top gainers, with DBS surging 3.8 per cent and accounting for 17 per cent of the market's dollar volume
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WALL Street's surprise rally on Wednesday in response to Donald Trump winning the US presidential election reverberated around the region on Thursday, though the reason behind it was difficult to fathom.
Among the explanations were that the volatility caused by the Trump win could lead the US Federal Reserve to avoid raising interest rates next month, though this was unlikely to be the case, given that the US Federal Funds futures market on Wednesday closed with an 82 per cent probability of a rate hike.
Other reasons forwarded were that Mr Trump had previously promised tax cuts and increased infrastructure spending, and that in his acceptance speech he indicated a possible softer stance towards trade partners.
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