Voting ended yesterday, and Republicans have regained control of the Senate after four years with victories in West Virginia and Ohio on Tuesday. In West Virginia, Republican Governor Jim Justice won a Senate seat, and in Ohio, Bernie Moreno defeated incumbent Democrat Sherrod Brown, giving Republicans a 51–49 majority.
Trump seems on track to become the next president
Former President Donald Trump has made significant strides toward a potential White House return. As of writing this story, he has secured 267 electoral votes after defeating Democrat Kamala Harris in key swing states, including North Carolina, Georgia and Pennsylvania.
Trump is shy of three electoral votes to be reelected as the president of the United States.
Meanwhile, Harris captured states in the Northeast, including New York and California.
In Florida, Trump gave a victory speech (before the race was called) and praised his campaign and supporters, vowing to restore America’s greatness and “fix everything” about the country. He also lauded his running mate, JD Vance, and House Speaker Mike Johnson, highlighting their roles in his success. He spoke of SpaceX CEO Elon Musk, who could get a role in Trump’s admin.
The markets
The dollar reached its highest level in a year as it became clear the former POTUS might win the election.
Treasury yields retreated from early highs on Tuesday amid volatility around the election results.
Bitcoin set a new record, trading above $75,000, as crypto investors showed optimism at a potential Trump presidency. It surpassed $69,000 in March.
The Senate control goes to the GOP after flipping some Democratic-held seats, but the House is still untaken.