Global markets take a big hit after election results

Global markets plummeted as election results came in last night.

U-S markets were down as much as 800 points.

The Mexican peso fell to its lowest level ever compared to the U-S dollar.

Stocks thought to be friendly to a Trump presidency are defense and infrastructure companies like U-S steel and coal companies as he has pledged to revive the demolished coal industry.

On the other hand, stocks that would have benefited under a Hillary Clinton presidency are expected to suffer in the short term.

Companies such as Tyson Foods that employ a lot of immigrants, as well as satellite company l-3 communications could find it more difficult as Clinton has called for increased surveillance.

The U-S house and senate both kept their Republican majorities, which analysts say could be good for small business as regulations and taxes will go down, if the candidates keep their promises.

And recreational marijuana just became legal in California, Nevada, Arizona, Massachusetts and Maine, clearing the way for what could be a huge new industry.

For more business headlines from Jane King at the Nasdaq, watch Daybreak Monday through Friday.

Categories: Daybreak, Morning Business Report

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