By MICHELLE L. PRICE and COLLEEN LONG
NEW YORK (AP) — Donald Trump used his image as a successful New York businessman to develop into a star, a reality TV star and eventually president. Now he can finally enjoy one in every of town's most visible symbols of success when he rings the opening bell of the New York Stock Exchange on Thursday.
It will probably be a remarkable moment of recognition for Trump, a New York native who gave up his full-time life in his eponymous Trump Tower in Manhattan and moved to Florida. After Trump won the 2024 election, the US stock market surged, partly because he capitalized on Americans' concerns concerning the economy.
The ringing of the bell is a robust symbol of US capitalism – and photo opportunity in New York. Despite his a long time as a New York businessman, Trump has never done this before.
The individuals who confirmed the bell ringing weren’t authorized to debate the matter publicly and spoke to The Associated Press on condition of anonymity. It was not clear whether Trump, a Republican, would meet with the embattled New York mayor. Democrat Eric AdamsWHO has warmed as much as Trump and isn’t ruling out a change of party.
The exchange often invites celebrities and business leaders to attend the opening and shutting ceremonies. During Trump's first term as president, his wife Melania Trump rang the bell to advertise her “Be Best” initiative to advertise child welfare.
After the Nov. 5 election, the S&P 500 rose 2.5%, marking its best day in nearly two years. The Dow Jones Industrial Average rose 1,508 points, or 3.6%, while the Nasdaq Composite gained 3%. All three indices surpassed the records that they had set in recent weeks.
Trump has long courted the business world due to his own status as a wealthy real estate developer who gained additional fame because the star of the TV show “The Apprentice,” by which competitors tried to impress him with their business skills.
The larger business community has applauded his guarantees to maintain corporate taxes low and cut regulations. But there are also concerns about his stated plans to impose sweeping tariffs and potentially goal firms he believes are usually not aligned along with his own political interests.
The Republican spends most of his time at his home in Florida, but was in New York for weeks this spring during his hush money trial there.
He was convicted, but his lawyers are pushing for the case to be dropped in light of his election.
While he spent hours every day in a Manhattan courthouse during his criminal trial, Trump took his presidential campaign to the streets of the heavily Democratic city, holding a rally within the Bronx and showing up at venues for working-class New Yorkers: a bodega, a construction site and a hearth station.
Trump returned to town in September to satisfy with the Ukrainian president Volodymyr Zelensky in his Manhattan Tower.
The US stock market has tended to extend prior to now regardless of which party wins within the White House, with Democrats making larger gains on average since 1945. But under the surface, Republican control could mean big changes within the winning and losing industries, and investors are increasing the bets previously placed on what those are higher tariffs, lower tax rates and fewer regulation that Trump's favors will mean.
Ringing the bell has been a convention because the nineteenth century. The first guest was a ten-year-old boy named Leonard Ross in 1956, who won a quiz show by which he answered questions on the stock market.
Often, listed firms would ring the bell at 9:30 a.m. to commemorate their initial offerings when trading began. But the performances have develop into a vital indicator of culture and politics – something Trump hopes to capitalize on as he has promised historic economic growth.
The anti-apartheid advocate and South African President Nelson Mandela rang the bell, as did Hollywood star Sylvester Stallone along with his castmates from the film “The Expendables”. This also applies to actors Robert Downey Jr. and Jeremy Renner for an “Avengers” film, in addition to to Olympians Michael Phelps and Natalie Coughlin.
In 1985, Ronald Reagan became the primary sitting US president to ring the bell.
“With tax reform and budget control, our economy will reach its full potential and put the bears back into permanent hibernation,” Reagan said on the time. “We’re going to let the bull go.”
The crowd of dealers on the ground chanted, “Ronnie! Ronnie! Ronnie!”
The Dow Jones Industrial Average rose in 1985 and 1986, but suffered a decline in October 1987 referred to as “Black Monday.”
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