Donald Trump, leveraging his image as a successful businessman, will ring the New York Stock Exchange (NYSE) opening bell on Thursday. Coinciding with this event, Time Magazine will announce him as their 2024 Person of the Year. This marks a significant moment of recognition for the former president, who has often viewed the stock market as a barometer of public opinion and highly values symbols of success in the business world.
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A Dual Honor: Wall Street and Time Magazine
Trump’s presence on Wall Street to commence the day’s trading signifies a notable achievement. Simultaneously, his recognition as Time’s 2024 Person of the Year further underscores his influence. This is Trump’s second time receiving this accolade, having previously been named Person of the Year in 2016 following his presidential election. Other finalists for this year’s award included prominent figures like Vice President Kamala Harris, X owner Elon Musk, Israeli Prime Minister Benjamin Netanyahu, and the Princess of Wales.
Time Magazine declined to comment on the selection prior to the official announcement. The NYSE bell-ringing ceremony, a potent symbol of American capitalism, will be a first for Trump despite his long career in New York business.
Trump’s Relationship with New York
While Trump was once a quintessential New York figure, he relocated to Florida after leaving the White House. It remains unclear whether he will meet with New York City Mayor Eric Adams during this visit. Adams, facing federal corruption charges which he denies, has recently expressed a more favorable view of Trump.
A Symbolic Tradition
The NYSE opening bell ceremony, a tradition dating back to the 19th century, holds significant cultural and political weight. Inviting celebrities and business leaders to participate has become commonplace. In the past, figures like Melania Trump, Time CEO Jessica Sibley, and singer Taylor Swift have all participated in the ceremony.
Market Reactions and Economic Implications
Following the recent election, the stock market experienced a significant rally, with the S&P 500 achieving its best day in nearly two years. Historically, the U.S. stock market tends to rise irrespective of the winning political party, although Democrats have seen higher average gains since 1945. Republican control, however, could lead to shifts in specific industries based on policies favored by Trump, such as higher tariffs, lower tax rates, and reduced regulation.
Trump’s Business Acumen and Economic Policies
Trump’s campaign resonated with concerns about the economy and the middle class. The business community has largely welcomed his proposals for tax and regulatory cuts. However, concerns exist regarding potential tariffs and his targeting of companies perceived as misaligned with his political views.
Trump’s Recent Activities in New York
Despite residing in Florida, Trump spent considerable time in New York during his recent hush-money trial, which resulted in a conviction. He maintained a visible presence in the city throughout his campaign, holding rallies and engaging with working-class communities.
A Historical Perspective on the NYSE Bell
The NYSE bell-ringing tradition has evolved from commemorating initial public offerings to becoming a prominent cultural and political event. Notable figures like Nelson Mandela, Sylvester Stallone, and Ronald Reagan have all participated in the ceremony. Reagan, the first sitting president to ring the bell, used the occasion to promote his economic policies.
The bell ringing offers Trump a platform to reiterate his economic vision and capitalize on the symbolism of the NYSE.
