After an immediate downslide of the global markets, US markets rallied post-election in what many are calling an all-time high. They are forgetting that the all-time high of 2187, as measured by the S&P 500 index, was reached in the third quarter and was followed by a downturn before the post-election brought it back to where it had been in September. What we’ve been experiencing is a rebound.

The rebound was caused by a change in leadership between sectors, such as utilities, consumer stables, tech and real estate, which investors believe would have benefited from a Clinton campaign, to sectors like financials, industrials, materials and healthcare, which investors believe will benefit from a Trump presidency.

International markets, especially within the emerging economies, were hurt across the board as the pro-US rhetoric by the Trump campaign hindered investor sentiment. The movement last week was mostly reactionary and speculative given that we have yet to see any official change in trade policy. We’ll wait to see how the markets react when Trump’s actual policies are revealed.