Trump Named Time's Person of the Year, to Ring NYSE Opening Bell

Fresh off a decisive victory in the November presidential election, Donald Trump has been named Time magazine's 2024 Person of the Year and will ring the opening bell at the New York Stock Exchange (NYSE) today, marking a dramatic shift from his recent criminal conviction in the same city.

The announcement, made by Time's editor-in-chief Sam Jacobs on NBC's "Today" show, recognized Trump as the individual who, "for better or for worse," had the most significant influence on the news in 2024. This marks the second time Trump has received the honor, the first being in 2016 following his initial election to the White House. He was selected from a shortlist that included Vice President Kamala Harris, X owner Elon Musk, Israeli Prime Minister Benjamin Netanyahu, and Kate, the Princess of Wales.

The dual honors underscore a remarkable turnaround for the businessman-turned-politician, who just six months ago faced a criminal conviction in a lower Manhattan courtroom. Now, he stands as president-elect, set to ring the NYSE bell just blocks from that courthouse, symbolizing his complex and often contentious relationship with New York City.

According to sources close to the matter, Trump will be present on Wall Street for the ceremonial 9:30 a.m. start of trading. This will be his first time participating in the event, a tradition often used to highlight cultural and political figures. Last year, Time CEO Jessica Sibley rang the bell to unveil the magazine's 2023 Person of the Year, Taylor Swift.

Trump's return to New York from his Florida residence caps a series of visits he made to the city throughout the year, including campaign events at a firehouse, a bodega, a construction site, and a rally in the Bronx. He also held a controversial rally at Madison Square Garden.

The president-elect has long been fascinated with Time magazine, first appearing on its cover in 1989. He has, in the past, falsely claimed to hold the record for most cover appearances and was reported to have displayed a fake Time cover featuring himself in several of his golf clubs.

Following the November 5th election, the stock market surged, with the S&P 500 experiencing its best day in nearly two years. The Dow Jones Industrial Average and Nasdaq composite also saw significant gains, hitting record highs. Trump, who often views the stock market as a barometer of public support, has suggested that his term should be considered to have begun the day after the election to reflect these gains.

Trump's campaign has promised historic economic growth, and his incoming administration is expected to be heavily influenced by the business sector. While the broader business community has welcomed his pledges to reduce corporate taxes and regulations, concerns remain about his plans for broad tariffs and potential targeting of companies that do not align with his political interests.

Historically, the US stock market has tended to rise regardless of the party in power, although Democrats have seen larger average gains since 1945. However, Republican control could lead to significant shifts in various industries, and investors are already adjusting their strategies based on Trump's anticipated policies.