Markets Right Now: S&P backs US rating after Trump win

NEW YORK (AP) — The latest on financial markets following the election of Donald Trump as the next president of the United States (All times local):

8:15 p.m.

Standard & Poor's is affirming the United States' credit rating following Donald Trump's election win.

The rating stands one notch below S&P's top "AAA" grade, which the U.S. lost in 2011 after a standoff in Congress over whether to raise America's borrowing limit.

S&P says the outlook for its "AA+" rating on U.S. debt remains stable. It says the country's strong economy and government institutions offset its high level of debt and any uncertainty about what kind of economic polices Trump's administration will pursue.

___

8:00 p.m.

Japan's share benchmark the Nikkei 225 index jumped 6 percent in early trading in Tokyo.

The rebound followed a rollercoaster day Wednesday as shares cratered after it became apparent that Donald Trump won the presidential election.

Currency markets also recovered with the U.S. dollar trading at 105.60 yen, up from about 101 yen per dollar at its lowest on Wednesday.

Japanese share prices tend to rise when the dollar gains against the yen since a large share of corporate profits come from overseas. A weak yen means bigger profits when those earnings are brought back to Japan.

Toyota Motor Corp. jumped 5.3 percent and Sony Corp.'s shares rose 5.2 percent in early trading.

___

4:00 p.m.

Stocks are closing sharply higher on Wall Street after Donald Trump's upset victory over Hillary Clinton.

Investors hope his plans for infrastructure spending, tax cuts and lighter regulation will benefit the economy. Banks, drugmakers and industrial companies rose the most, while safe-haven assets like utilities slumped.

Bond prices dropped sharply, sending yields higher. The yield on the 10-year Treasury note went above 2 percent for the first time since January.

If you liked this article you might like

What's Behind the Surge in Energy Stocks

Hillary Clinton Says Prosecuting Individuals is Key to Wall Street Reform