President-elect Donald Trump prepares to ring the opening bell of the New York Stock Exchange (NYSE), marking the ceremonial start of the trading day. This symbolic event comes at a crucial time as markets weigh the implications of his 2024 election victory, according to people familiar with the matter.
The event is expected to be a significant moment for Trump, a native New Yorker who spent much of his life in Manhattan before moving to Florida. His return to the city for this occasion underlines his connection to the financial world and his enduring association with Wall Street. Historically, the stock market has surged during key moments in Trump's political career, and his recent election victory has sparked renewed market optimism about potential economic policies under his leadership.
The NYSE Bell Ringing Ceremony, a tradition steeped in history, is a powerful symbol of market capitalism and often doubles as a great photo opportunity. According to NYSE records, Trump has never rung the doorbell before, making this appearance particularly noteworthy.
Trump's limited return to New York
Since facing legal challenges earlier this year, Trump has largely stayed away from New York. His legal team continues to push for the dismissal of some cases against him, citing his recent election victory as a factor. Despite his return to the city for the NYSE event, it is unclear whether Trump will meet with New York Mayor Eric Adams, a Democrat, during his visit.
The people who confirmed Trump's planned presence at the NYSE spoke to The Associated Press on condition of anonymity because they were not authorized to discuss the matter publicly.
The stock exchange often invites prominent figures, including celebrities and business leaders, to participate in the ceremonial ringing of the opening or closing bell. During Trump's first term as president, his wife Melania Trump participated in the tradition to promote his “Be Best” initiative, which focuses on the well-being of children.
Post-election market rally
Trump's victory in the 2024 elections has already had a significant impact on financial markets. On November 5, after his victory was announced, the S&P 500 index recorded its best day in nearly two years, gaining 2.5%. Meanwhile, the Dow Jones Industrial Average rose 1,508 points, or 3.6%, and the Nasdaq composite rose 3%. This rally continued a trend of record-breaking performances across all three major indexes in the weeks following the election.
Historically, the U.S. stock market has tended to rise regardless of which political party won the presidency, although data since 1945 shows that Democratic administrations have generally posted larger overall gains. However, Republican control often signals significant changes for specific sectors, with investors betting on policies favorable to tax cuts, deregulation and pro-business measures, hallmarks of Trump's economic agenda.
Trump's return to the NYSE also represents an opportunity to align with optimistic market sentiment and reinforce campaign promises of economic growth and prosperity.
A tradition rooted in history
The NYSE bell ringing tradition dates back to the 19th century and has evolved into a cultural and political touchstone. Historically, companies that went public would ring the bell at the start of trading to commemorate their initial public offerings (IPOs). Over time, the event has gained prominence, attracting high-profile people from various sectors.
In 1956, the first person invited to ring the bell was Leonard Ross, a 10-year-old boy who won a stock market trivia contest. Since then, the bell ringing ceremony has hosted a wide range of attendees, from business executives to celebrities and world leaders.
Notable figures who will ring the NYSE bell include Nelson Mandela, anti-apartheid activist and former president of South Africa, as well as actors Robert Downey Jr. and Jeremy Renner, who attended the ceremony to promote an “Avengers” film. Other attendees include Olympians Michael Phelps and Natalie Coughlin, as well as Hollywood star Sylvester Stallone along with his “Expendables” castmates.
In 1985, President Ronald Reagan became the first sitting United States president to ring the opening bell. At the time, Reagan took the opportunity to promote his administration's approach to economic policy.
“With tax reform and budget discipline, we will unleash the full potential of our economy, putting bear markets into permanent hibernation,” Reagan declared, addressing a cheering crowd on the trading floor. The merchants responded enthusiastically, chanting, “Ronnie! Ronni! Ronni!»
The Dow Jones Industrial Average performed strongly during the Reagan presidency in 1985 and 1986, although optimism was tempered by the infamous “Black Monday” stock market crash in October 1987.
Trump's economic message
Trump's participation in the NYSE bell ringing ceremony is expected to highlight his economic vision for his second term. His campaign promises of historic economic growth resonate with the symbolism of the stock market, where market performance is closely linked to public confidence in the administration's policies.
While the event represents a ceremonial moment, it also offers Trump an opportunity to signal his administration's priorities to investors and the general public. With markets riding a wave of post-election optimism, the event is set to further solidify Trump's association with economic leadership and financial prosperity.
As Trump prepares to return to the spotlight at the NYSE, the moment will serve both to celebrate the market's optimism and a reminder of the economic stakes ahead. It remains to be seen whether his policies will continue to drive the record momentum seen in recent weeks, but the event highlights the strong link between politics and financial markets.
