What does the new administration mean for Wall Street? Jim Cramer's first reaction to the election is live on TheStreet's Facebook page. He joins our team of reporters along with experts and analysts tracking the markets with us.
Stock futures pared earlier sharp declines Wednesday as Republican Donald Trump was elected the next president of the United States in a surprising victory.
S&P 500 futures were down 1.6%, Dow Jones Industrial Average futures fell 1.5%, and Nasdaq futures declined 2.1%.
Trump, now the 45th president-elect of the United States, surprisingly won New Hampshire, North Carolina, Florida, and Wisconsin, key battleground states both candidates needed to secure to win the election. On Tuesday, markets factored in a win by Democratic nominee Hillary Clinton. Clinton will address her supporters at 9:30 a.m. EST.
"Now it's time for America to bind the wounds of division -- have to get together," Trump said in his victory speech. "To all Republicans and Democrats and independents across this nation, I say it is time for us to come together as one united people."
Some sectors of the market were rising in reaction to Trump's victory.
Biotech stocks, including Gilead Sciences (GILD) , Celgene (CELG) and Biogen (BIIB) were higher as was iShares Nasdaq Biotechnology exchange-traded fund (IBB) that tracks these stocks. The ETF rose nearly 5% in premarket trading. Pfizer (PFE) was up 7.8%in premarket trading.