How advocates predict Trump’s 2024 win could impact gun violence prevention laws

How advocates predict Trump’s 2024 win could impact gun violence prevention laws
How advocates predict Trump’s 2024 win could impact gun violence prevention laws
ABC News

(NEW YORK) — Drew Spiegel was preparing to march in the 2022 Fourth of July parade in the Chicago suburb of Highland Park when gunfire rang out.

“In that short time span, seven people died, 48 more [were] injured,” the 19-year-old told ABC News. “I texted my parents that I might not be coming home from the Fourth of July parade. And my life forever changed.”

For more than a year after the shooting, Spiegel didn’t talk about it. That changed when he got to college and encountered the advocacy group Everytown for Gun Safety.

“They asked me straight up like, ‘Are you a survivor of gun violence?’ ” he said. “And I was like, no, but technically I was at a mass shooting. And they were like, so then yes.”

The U.S. sees 43,000 fatal shootings every year, and 120 people are fatally shot every day, according to Angela Ferrell-Zabala, the executive director of Moms Demand Action, an Everytown subsidiary group.

“This is bigger than a mass shooting problem, it’s a gun violence epidemic,” Spiegel said, citing the July assassination attempt and apparent September attempt on former President Donald Trump, who won a second term in the White House on Tuesday, as evidence of the problem’s scale.

“If Donald Trump, the former president of the United States, is not safe from gun violence, then nobody is,” he said.

Now, Spiegel is sharing his story with people who may have different opinions than him.

“The change we’re fighting for, is not mutually exclusive with the Second Amendment. They can coexist,” he told ABC News. “We can have a country where people are allowed to have guns and also a country where you don’t have to worry about going to school.”

But he isn’t just thinking in terms of the next four years — he’s looking at how the laws made in the coming decades could save lives.

He’s found an ally in Rep. Maxwell Frost, who won election in Florida’s 10th Congressional District in 2022 and won reelection on Tuesday. The 27-year-old Democrat is also a survivor of gun violence and was previously the national organizing director for gun control advocacy group March For Our Lives.

That movement didn’t result in gun control legislation getting passed, but Frost accepts that change takes time.

“The way you measure the success of a movement is, you see the seeds are planted in people,” Frost told ABC News. “I’m the first person from that movement to be in Congress. That’s a win, right? And then we got the Office of Gun Violence Prevention[in 2023]. That’s a win.”

However, Frost warned ABC News in August that he foresees this progress being rolled back.

“If Donald Trump wins this election, one of the things he’s going to do on Day One is get rid of the office completely. Get rid of it,” he said. “This office is helping to save lives across the entire country. So getting rid of the office literally means more people will die due to gun violence.”

With Trump returning to the White House in January, it’s unclear how much progress gun control will make. In 2018, the Trump administration banned bump stocks, which allow guns to essentially operate as automatic weapons. However, the Supreme Court struck down that ban in June.

“When I’m back in the Oval Office, no one will lay a finger on your firearms,” he told National Rifle Association (NRA) members in February.

Despite this, Spiegel is hoping people will keep fighting for gun violence prevention laws, to prevent stories similar to his own from happening all over again.

“I think our rights and freedoms will be under a higher attack than ever before. But I don’t think it’s completely over,” he told ABC News. “I think there’s still a country and, more importantly, our friends and family in the country that are worth fighting for. And we just put our heads down and get back to work. You just keep fighting.”

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Judge says Giuliani faces contempt if he doesn’t turn over property to poll workers

Judge says Giuliani faces contempt if he doesn’t turn over property to poll workers
Judge says Giuliani faces contempt if he doesn’t turn over property to poll workers
Adam Gray/AFP via Getty Images

(NEW YORK) — A federal judge in New York on Thursday raised the possibility of holding Rudy Giuliani in contempt if he fails to turn over property by next week to the two Georgia poll workers he defamed after the 2020 election.

A 90-minute hearing devolved into what the judge called “griping” after a lawyer for former election workers Ruby Freeman and Shaye Moss accused Giuliani of “game playing” and an attorney for Giuliani accused the two women of being “vindictive.”

A federal jury last year ordered Giuliani to pay Freeman and Moss nearly $150 million for defaming them with false accusations that the mother and daughter committed election fraud while the two were counting ballots in Georgia’s Fulton County on Election Day in 2020.

Earlier this week, Freeman and Moss’ attorney claimed that Giuliani had “secreted away” his property after the receivership controlled by the two election workers accessed Giuliani’s apartment, only to find it virtually empty.

The former New York City mayor was given a Nov. 14 deadline to turn over the shares in his Upper East Side co-op apartment, valuable sports memorabilia, a Mercedes-Benz convertible, and luxury watches — including one that belonged to Giuliani’s grandfather.

When defense lawyer Ken Caruso complained that forcing Giuliani to relinquish his grandfather’s watch was “vindictive,” an exasperated Judge Lewis Liman said, “Oh come on!”

“The law is the law and I don’t apply it differently to your client,” Liman said. “Don’t come to me and say something is vindictive.”

The judge was equally unmoved by the defense argument that Giuliani’s car, a blue Mercedes-Benz convertible once owned by the actress Lauren Bacall, was exempt from the judgment because it’s worth less than $4,000.

“Monday the title and keys will be delivered as well as the physical location of the car,” Judge Liman said.

Giuliani also balked at relinquishing about $2 million dollars he is owed for legal worked performed for Donald Trump.

“They wanted that money to make a political statement,” Caruso said.

Liman did not budge and reminded Giuliani of the consequences.

“He is under an unqualified order to deliver all the receivership property to the receiver,” Liman said. “If he doesn’t comply then I’m sure I’ll get a motion for contempt. If he hasn’t delivered, and there is a way in which he could have delivered, he’ll be subject to contempt sanctions.”

Outside court, Giuliani accused Freeman and Moss of bringing a “political vendetta” that was “financed by the Bidens.”

When ABC News asked whether he regretted defaming Freeman and Moss, Giuliani answered “No” before his lawyer stepped in to say the case was on appeal.

 

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CDC updates recommendations for bird flu testing, treatment after more infections found among dairy workers

CDC updates recommendations for bird flu testing, treatment after more infections found among dairy workers
CDC updates recommendations for bird flu testing, treatment after more infections found among dairy workers
STOCK PHOTO/Koto_feja/Getty Images

(WASHINGTON) — The Centers for Disease Control and Prevention (CDC) is updating its recommendations for testing, treatment and protection for workers who may be exposed to animals infected with bird flu.

The update comes after the agency found evidence of dairy workers with positive antibodies, suggesting more bird flu infections that previously reported, according to a new report released Thursday afternoon.

Serologic testing, which looks at antibodies in the blood, found that eight out of 115 workers, or 7%, who were exposed to bird flu during outbreaks among cows at dairy farms in Michigan and Colorado had evidence of recent infection.

All eight workers said their jobs included either milking cows or cleaning a milking parlor. Four workers recalled experiencing symptoms, mainly conjunctivitis, also known as pink eye. The remaining four patients said they did not experience symptoms when the cows were ill.

As a result, the CDC said it is updating its guidance addressing who should be tested for bird flu to include workers who were exposed to bird flu and do not have symptoms.

“There may be individuals infected but who do not recall having symptoms,” Dr. Nirav Shah, the CDC’s principal deputy director, told reporters during a media call Thursday morning. “That means we need to cast a wider net in terms of who is offered a test.”

Secondly, the CDC is now recommending offering oseltamivir – a prescription medication to treat influenza that’s often marketed under the name Tamiflu – to asymptomatic workers who have experienced high-risk exposure to animals infected with bird flu and who did not wear adequate personal protective equipment (PPE).

Shah said a high-risk exposure event could include a splash in the face with raw cow milk, or a culling event without PPE being worn.

He added that the Tamiflu treatment recommendation both reduces asymptomatic cases from becoming symptomatic because they are being treated, and reduces the risk of infected individuals spreading the virus to close contacts.

Lastly, the Shah said the CDC was changing its PPE guidance for workers.

Although the risk of bird flu transmission from dairy cows to humans Is low, the CDC said there have been few reports addressing how PPE is used during work activities on dairy farms.

The new CDC report said the Colorado Department of Public Health and Environment (CDPHE) and the Colorado Department of Agriculture (CDA) offered PPE to all Colorado farms before or during the bird flu outbreak in cows in 2024.

When asked if they had access to PPE before a bird flu outbreak, 88% of workers reported access to gloves, 76% reported access to eye protection such as safety glasses or goggles, 71% reported access to rubber boots or boot covers, and 69% reported access to head covers, according to the report.

“Reported use of many individual PPE items was higher among dairy workers who reported exposure to ill cows in the week before or week after the detection of [bird flu] on the farm compared with those who did not report exposure to ill cows,” according to the CDC report.

Shah said that CDC recommendations will now prioritize what PPE a farm worker should wear based on which farm tasks present the highest risk for bird flu.

“Simply put, the higher-risk activities will call for more PPE use,” Shah said. “The purpose of these actions is to keep workers safe, to limit the transmission of H5 [bird flu] to humans and reduce the possibility of the virus changing,” Shah said.

As of Thursday, there have been 46 human cases of bird flu reported in the U.S. this year, Dr. Demetre Daskalakis, the CDC’s director of the National Center for Immunization and Respiratory Diseases, said during the media call.

Of those cases, 26 were due to the outbreak in dairy cows and 20 were due to people coming into contact with infected poultry. There is one case in Missouri that had no known animal exposure.

All of the patients experienced mild conjunctivitis or mild respiratory symptoms and all have recovered, according to the CDC.

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Trial of alleged Delphi murderer Richard Allen continues as he maintains his innocence

Trial of alleged Delphi murderer Richard Allen continues as he maintains his innocence
Trial of alleged Delphi murderer Richard Allen continues as he maintains his innocence
Lindsey Jacobson/ABC News, FILE

(DELPHI, Ind.) — The small town of Delphi, Indiana, is reeling with grief and shock after the horrific double murder of two teenage girls in broad daylight, forever changing the lives of those who knew and loved the victims.

Now, seven years later, one man is standing trial in the murders.

The story of the Delphi murders begins and ends on the Monon High Bridge Trail. It was here that police believe Abigail “Abby” Williams, 13, and Liberty “Libby” German, 14, spent the last moments of their lives.

On Feb. 13, 2017, the two best friends went missing and were found dead the following day. Tens of thousands of tips were received, dozens of people were interviewed, and a crucial piece of evidence emerged: a video recorded by one of the girls that pointed directly to a suspect.

“For a long time, the question was, ‘Who is Bridge Guy?'” ABC News’ Janel Klein said. “A lot of people in town thought they recognized him.”

The case went cold but five years after the murders, in 2022, police arrested Richard Allen, who worked at a local CVS store in Delphi. He was charged with two counts of murder and two counts of murder while kidnapping in the deaths of Abby and Libby.

Today, the question is whether Allen is the man on the bridge as he stands trial.

Allen has pleaded not guilty to the murders, but the prosecution claims they have more than 60 confessions from him admitting to killing the girls. He allegedly confessed to wardens, inmates, family members, and almost anyone who would listen within the prison and jailhouse setting.

“I don’t think I’ve ever seen anything like that before,” Tracy Walder, a former FBI special agent, said. “They typically confess one time, right? They don’t do so over and over and over.”

A key moment in the trial was when audio recordings of Allen calling his wife and mother from jail were played. The audio reveals Allen admitted to committing the crime, and asking his wife Kathy, “Do you still love me?”

Despite the alleged confessions, Allen’s defense has called a list of experts as they try to poke holes in the state’s case.

Allen’s defense has sought to focus the jury’s attention on Allen’s mental health, and addressed the issue of him declining after being held in solitary confinement for months.

“We heard from his psychologist who testified as to what a decline he had and some of the behaviors that he displayed in prison were alarming. He was naked a lot,” Klein said. “He was rolling around on the floor. He was eating paper. He was drinking from his toilet. All of these things, they say, were proof that he was really suffering mentally and entering psychosis, including at the time when he was admitting to these crimes and making numerous confessions to his wife and mother.”

Another key point for the defense is that investigators found no DNA evidence at the scene linking Allen or anyone else to the crime.

In an unusual memorandum filed with the court which the judge ruled cannot be allowed into court, Allen’s team is alleging that the double crime was committed by a mysterious group they refer to as a white supremacist cult of Odinism.

“The defense from the beginning has been blaming the murders on Odinism, what they describe as a Nordic cult with ties to white supremacy,” ABC’s Alex Perez said.

“They believe (the cult) were carrying out some sort of ritual when they killed the girls,” Perez said. “And the defense attorneys in their memorandum pointing to certain things at the crime scene that they believe they say were signs the way branches were laid around the bodies of the two girls.”

Allen’s team said in the filing that the girls’ bodies were found in unusual positions with branches over them, and the defense argued that the branches resembled Pagan Runes.

Jefferson Calico, an associate professor at University of the Cumberlands in Kentucky, studied Pagan religions, including Odinism, and explained what this means.

“So runes are widely incorporated into Odinist culture as well,” Calico said. “So if there were runes in the crime scene, then that would be a reason to suspect pagan or Odinist involvement for sure. For instance, the sticks over the body, possibly a rune mark on a tree. It’s not convincing to me as someone who studied these religions, but it provides an interpretation of some of the details of the crime scene.”

But Calico also said that Odinists were not known to engage in human sacrificial rituals and added that, as believers in white supremacy, it would make no sense to kill two Caucasian girls.

The Delphi murder trials are continuing, and 12 jurors will decide Allen’s fate. If convicted, he faces 130 years in prison.

“Even once they arrested Richard Allen, there’s been so much doubt across the board as to whether he’s responsible,” Klein said. “There are many people attending the trial and weighing in on social media that will say there is no way he did this. Whether he’s convicted or not, I think there will always be that speculation in Delphi as to who really is responsible for this crime.”

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43 primates on the loose in South Carolina town after escaping from research lab

43 primates on the loose in South Carolina town after escaping from research lab
43 primates on the loose in South Carolina town after escaping from research lab
Yemassee Police Department via Meta

(YEMASSEE, S.C.) — At least 43 primates were on the loose Thursday in a South Carolina town where authorities “strongly advised” residents to keep their doors and windows locked after the animals escaped from a research laboratory.

“At this point, none have been captured,” the Yemassee Police Department said in a statement posted on its Facebook page.

Traps were being set around the Alpha Genesis Primate Research Center in Yemassee, where the Rhesus Macaque monkeys escaped en masse around 9:45 p.m. ET on Wednesday, according to the Beaufort County Sheriff’s Office.

Yemassee police officers were searching for the furry fugitives, which can grow to up to 21 inches tall and weigh 17 pounds, using thermal imaging cameras, according to the sheriff’s office.

“Residents are strongly advised to keep doors and windows secured to prevent these animals from entering homes,” the sheriff’s office said. “If you spot any of the escaped animals, please contact 911 immediately and refrain from approaching them.”

Police said they are working with staff of Alpha Genesis Primate Research Center to find the escapees.

“We want to assure the community that there is no health risk associated with these animals,” police said.

Representatives of the Alpha Genesis Primate Research Center could not be immediately contacted for comment.

According to its website, Alpha Genesis “provides the highest quality nonhuman primate products and bio-research services world-wide,” including serum, plasma, whole blood and tissue samples.

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Biden to nation: ‘You can’t love your country only when you win’

Biden to nation: ‘You can’t love your country only when you win’
Biden to nation: ‘You can’t love your country only when you win’
Kevin Dietsch/Getty Images

(WASHINGTON) — President Joe Biden said “you can’t love your country only when you win” in his first speech since Vice President Kamala Harris’ loss to former President Donald Trump in the presidential race.

“You can’t love your neighbor only when you agree,” Biden said in an address to the nation from the White House Rose Garden on Thursday.

Biden said he’s directed his administration to work with Trump’s team for a peaceful transition of power.

“Something I hope we can do, no matter who you voted for, is see each other not as adversaries, but as fellow Americans. Bring down the temperature,” Biden said.

He also stressed the integrity of the election, calling it honest, fair and transparent.

“The will of the people always prevails,” he said.

Biden praised his vice president for running “an inspiring campaign.”

“She has great character, true character. She gave her whole heart and effort, and she and her entire team should be proud of the campaign they ran,” he said.

Biden also defended some of his actions in office, saying, “We’re going to see over a trillion dollars’ worth of infrastructure work done, changing people’s lives in rural communities and communities that are in real difficulty, because it takes time to get it done.”

“We’re leaving behind the strongest economy in the world,” Biden added.

“I know people are still hurting,” he said, but added, “Together, we’ve changed America for the better.”

“Setbacks are unavoidable, but giving up is unforgivable,” Biden said in his closing message to Americans.

“We’re going to be OK, but we need to stay engaged. We need to keep going,” he added. “And above all, we need to keep the faith.”

Biden said in a statement on Wednesday that adding Harris to his 2020 Democratic ticket was the first and “best decision” he made in that campaign.

“Her story represents the best of America’s story,” Biden said, adding, “I have no doubt she’ll continue writing that story.”

His statement made no mention of Trump, the former Republican president and now president-elect, who will bookend Biden’s sole term in office.

Biden and Harris have both spoken to Trump to offer congratulations to him for winning a second term.

Harris in a speech on Wednesday conceded the race to Trump.

Harris stressed, “While I concede this election, I do not concede the fight that fueled this campaign.”

“This is not a time to throw up our hands, this is a time to roll up our sleeves. This is a time to organize, to mobilize and to stay engaged for the sake of freedom and justice and the future that we all know we can build together,” she said.

Trump won the swing states of North Carolina, Pennsylvania, Georgia, Wisconsin and Michigan. ABC News has not projected winners for the final two swing states, Nevada and Arizona.

Republicans also took control of the Senate. Results for the House of Representatives are not yet clear.

ABC News’ Michelle Stoddart contributed to this report.

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Federal Reserve set to make interest rate decision days after election of Trump

Federal Reserve set to make interest rate decision days after election of Trump
Federal Reserve set to make interest rate decision days after election of Trump
Anna Moneymaker/Getty Images

(WASHINGTON) — The Federal Reserve on Thursday will announce its latest decision on the direction of interest rates, setting the path for borrowing costs just two days after the victory of President-Elect Donald Trump.

The Fed cut its benchmark interest rate a half of a percentage point in September, dialing back its yearslong fight against inflation and delivering relief for borrowers saddled with high costs.

The Federal Open Market Committee (FOMC), a policymaking body at the Fed, has forecast further interest rate cuts.

By the end of 2024, interest rates will fall another half of a percentage point from their current level of between 4.75% and 5%, according to FOMC projections. Interest rates will drop another percentage point over the course of 2025, the projections further indicated.

The central bank is widely expected to cut interest rates by another quarter of a percentage point when it meets on Thursday, according to the CME FedWatch Tool, a measure of market sentiment.

In recent months, the U.S. has inched closer to a “soft landing,” in which inflation returns to normal and the economy averts a recession.

Government data released last week showed robust economic growth over a recent three-month period, alongside a continued cooldown of inflation.

U.S. hiring slowed in October, but fallout from hurricanes and labor strikes likely caused an undercount of the nation’s workers, U.S. Bureau of Labor Statistics data on Friday showed.

Since 2021, the Fed has sought to rein in inflation with elevated interest rates. Even after the Federal Reserve cut its benchmark interest in September, it still stands at a historically high level.

Inflation has cooled dramatically from a peak of about 9% in 2022, hovering right near the Federal Reserve’s target rate of 2%.

The trajectory of inflation could shift in the coming months. Trump’s proposals of heightened tariffs and the mass deportation of undocumented immigrants are widely expected to raise consumer prices, experts previously told ABC News.

To be sure, the Fed says it bases its decisions on economic conditions and operates as an independent government body.

When asked previously about the 2024 election at a press conference in Washington, D.C., in December, Powell said, “We don’t think about politics.”

The election of Trump appears to have delivered a boost for the stock market. The U.S. stock market soared at the open of trading on Wednesday, just hours after Trump declared victory.

The Dow Jones Industrial Average climbed more than 1,300 points, amounting to a nearly 3% rise in the index. The S&P 500 and the tech-heavy Nasdaq each jumped more than 2%.

Shares of Tesla, the electric vehicle company headed by Trump ally Elon Musk, spiked about 14.5% in early trading on Wednesday.

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President Biden to address nation from White House on Thursday

Biden to nation: ‘You can’t love your country only when you win’
Biden to nation: ‘You can’t love your country only when you win’
Kevin Dietsch/Getty Images

(WASHINGTON) — President Joe Biden will step into the White House Rose Garden on Thursday to speak to the nation for the first time since his party’s bruising defeat at the polls on Tuesday.

The White House announced that he would give an address at 11 a.m. ET.

His address is scheduled to begin a little more than 24 hours after his twice-former opponent, Donald Trump, was projected to have won the presidency. Trump beat Vice President Kamala Harris, whom Biden endorsed in July, as he stepped aside as the party’s presumptive nominee.

Biden in a statement on Wednesday said that adding Harris to his 2020 Democratic ticket was the first and “best decision” he made in that campaign. He praised Harris, saying she had “stepped up and led a historic campaign” under extraordinary circumstances.

That statement made no mention of Trump, the former Republican president and now president-elect, who will bookend Biden’s sole term in office.

Biden and Harris have both spoken to Trump to offer congratulations to him for winning a second term. And Biden on Wednesday also spoke with Harris on the phone, the White House said.

Harris in a speech on Wednesday conceded the race to Trump.

“Sometimes the fight takes a while … The important thing is don’t ever give up,” she said, speaking at her alma mater, Howard University, in Washington, D.C.

Biden in his Wednesday statement praised Harris, saying, “Her story represents the best of America’s story.”

“And as she made clear today, I have no doubt she’ll continue writing that story,” he said, according to the White House.

ABC News’ Michelle Stoddart and Emily Shapiro contributed to this report.

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Harris concedes presidential election but not ‘the fight that fueled this campaign’

Harris concedes presidential election but not ‘the fight that fueled this campaign’
Harris concedes presidential election but not ‘the fight that fueled this campaign’
Kent Nishimura/Getty Images

(WASHINGTON) — Vice President Kamala Harris said her heart is “full of resolve” after losing the presidential election to former President Donald Trump.

“My heart is full today — full of gratitude for the trust you have placed in me, full of love for our country and full of resolve,” Harris said Wednesday at her alma mater, Howard University, in Washington, D.C.

“The outcome of this election is not what we wanted, not what we fought for, not what we voted for. But … the light of America’s promise will always burn bright as long as we never give up,” Harris said.

Harris said she told Trump on the phone Wednesday that she’ll help with a peaceful transfer of power, which got a cheer from the crowd at Howard.

“We must accept the results of this election,” the vice president said.

“A fundamental principle of American democracy is that when we lose an election, we accept the results,” Harris said, alluding to Trump’s refusal to acknowledge his loss of the 2020 election.

Harris stressed, “While I concede this election, I do not concede the fight that fueled this campaign.”

“The fight for freedom, for opportunity, for fairness and the dignity of all people — a fight for the ideals at the heart of our nation — the ideals that reflect America at our best,” she said.

Harris vowed that she’ll “never give up the fight for a future … where the women of America have the freedom to make decisions about their own body.”

“We will never give up the fight to protect our schools and our streets from gun violence,” she continued. “And America, we will never give up the fight for our democracy, for the rule of law, for equal justice, and for the sacred idea that every one of us, no matter who we are or where we start out, has certain fundamental rights and freedoms that must be respected and upheld.”

She said that fight will continue “in the voting booth, in the courts, and in the public square.”

“And we will also wage it in quieter ways, in how we live our lives, by treating one another with kindness and respect, by looking in the face of a stranger and seeing a neighbor,” she said. “By always using our strength to lift people up, to fight for the dignity that all people deserve.”

To her young supporters watching, the vice president said, “It is OK to feel sad and disappointed, but please know it’s gonna be OK.”

“Sometimes the fight takes a while. … The important thing is don’t ever give up,” she said.

“This is not a time to throw up our hands, this is a time to roll up our sleeves. This is a time to organize, to mobilize and to stay engaged for the sake of freedom and justice and the future that we all know we can build together,” she said.

Harris and second gentleman Doug Emhoff waved to the crowd after her remarks as Harris’ running mate, an emotional Minnesota Gov. Tim Walz, looked on.

Harris’ family, Walz’s family, former Speaker of the House Nancy Pelosi and Harris’ campaign staff were also in attendance.

Harris’ defeat came as Trump won the swing states of Pennsylvania, Georgia and Wisconsin overnight. Trump won another swing state, Michigan, on Wednesday.

Trump’s victory underscores just how deep voters’ frustrations were surrounding inflation and immigration, Republicans’ two top issues this election cycle as polls consistently showed Americans’ unhappiness with how President Joe Biden handled them. Trump’s return to the White House also suggests that Democrats were not motivated enough by the prospect of electing the first female president and that its base’s fury over the Supreme Court’s revocation of constitutional abortion protections has waned since 2022.

Biden plans to address the nation on Thursday.

ABC News’ Fritz Farrow, Gabriella Abdul-Hakim, Will McDuffie and Tal Axelrod contributed to this report.

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‘Trump Trade’: Election news leads to biggest 1-day stock market gain in 2 years

‘Trump Trade’: Election news leads to biggest 1-day stock market gain in 2 years
‘Trump Trade’: Election news leads to biggest 1-day stock market gain in 2 years
Brendan Gutenschwager/Anadolu via Getty Images

(NEW YORK) — The “Trump Trade” was in overdrive Wednesday, making it one for the history books on Wall Street with record finishes for all three major stock indices.

The Dow Jones Industrial Average rocketed 3.6%, its biggest one day jump since November 2022. The S&P 500 shot up 2.5% while the Nasdaq climbed nearly 3%.

The biggest winners were companies and sectors that investors are betting will benefit from President-elect Trump’s policies.

Bank stocks, including JP Morgan Chase (JPM), Wells Fargo (WFC), and Bank of America (BAC) rallied on the promise of lower taxes and less regulation. The small-cap Russell 2000 Index (RUT), which includes some regional banks, soared nearly 6%.

It was the biggest surge for the U.S. dollar since 2020, and Carl Icahn, the activist investor and billionaire, said it will lead to less regulation and more mergers and acquisition.

Elon Musk was perhaps the day’s biggest winner. Shares of his Tesla Corporation (TSLA) rocketed nearly 15%. The world’s wealthiest person has been a staunch Trump proponent, donating more than $130 million toward Trump’s election efforts. In his victory speech, the president-elect referred to Musk as a “super genius” and has promised him a role in his administration.

“The biggest positive from a Trump win would be for Tesla and Musk,” wrote Dan Ives, Senior Equity Research Analyst at Wedbush. “We believe a Trump presidency would be an overall negative for the EV industry as likely the EV rebates/tax incentives get pulled. However, for Tesla we see this as a huge positive. Tesla has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players from flooding the US market,” Ives wrote in a research note.

The cryptocurrency market also cheered Trump’s return to the White House. Bitcoin (BTCUSD) notched a record close, climbing above $75,000. Trump has said he wants the U.S. to be the “crypto capital of the planet” and plans to create a “strategic reserve of bitcoin.”

In September, he even launched his own crypto platform, World Liberty Financial, a new venture with family members to trade cryptocurrencies.

Donald Trump saw his personal wealth balloon during Wednesday’s stock market rally, at least on paper. Shares of his Trump Media and Technology Group (DJT), the parent company of his social media platform Truth Social, soared more than 30% at the market’s open but pulled back considerably to finish just 6% higher. Still, that gave the company a market cap of about $7.2 billion, with Trump’s majority stake worth about $4.1 billion.

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