Global markets rise after Biden exit

New York (CNN) —& Global markets made solid gains after President Joe Biden dropped out of the 2024 presidential election Sunday and endorsed Vice President Kamala Harris as the Democratic nominee. European stocks saw an uptick and morning trading in the US was higher following Biden’s announcement. The Dow rose 123.7 points, or 0.3%. The S&P 500 was up 0.7% and the Nasdaq was 1.1% higher. European markets were also higher, and Asian markets closed mostly lower. US Treasuries rose slightly early Monday, trimming yields, and the dollar was softer against major currencies. The Trump trade falters Significant doubt about Biden’s ability to beat former President Donald Trump led Wall Street to begin to price in a Trump victory in November. That became apparent with so-called Trump trades, in which investors bought up stocks they believed Trump’s tariff-heavy agenda could benefit — and they likewise sold off stocks related to green energy and other industries traders believed Trump’s policies could hurt. Meanwhile, a large number of economists have predicted Trump’s policies would& make America’s inflation problem worse, and he would balloon the US deficit. As Trump’s fortunes appeared to advance in recent weeks, US Treasury prices fell and yields rose,...