Suddenly, Donald Trump's good for business.
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As it became clear that he would win late at night on Tuesday, US time, futures traders pushed down the price of the US Dow Jones industrial index 5 per cent - the maximum allowed.
Then after his gracious victory speech they bid it back up to the point where it closed on Wednesday up 1.4 per cent, a net gain of 6.4 per cent, after one of the most volatile 24 hours in history.
As Jim Cramer, host of CNBC's Mad Money put it, many investors "bid everything up when they saw that Trump wasn't going to threaten to put Hillary Clinton in jail".
Carl Icahn???, the 80-year old billionaire mentioned by Trump as a possible treasury secretary, walked out of the victory party to bet $US1.3 billion ($A1.7 billion) on the market rebounding.
Westpac's Bill Evans thinks the trigger was Trump's promise to "rebuild America".
"We are going to fix our inner cities and rebuild our highways, bridges, tunnels, airports, schools, hospitals," Trump said. "We are going to rebuild our infrastructure, which will become, by the way, second to none."
It was like Kevin Rudd's "Building the Education Revolution" program during the global financial crisis, except on steroids.
"The key is that it has to enhance productivity," Evans said. "And I think a lot of Rudd's school buildings didn't do that. But in the case of the US, with crumbling highways and falling-down bridges, there's been such an abandonment of infrastructure for so long, it's obviously the way to go."
"Unlike Rudd, Trump has time to pick the projects that will work."
Evans expects Trump to quietly abandon much of his promised program of tax cuts because they would be nowhere near as effective as government spending at getting people back to work. Trump's decision to mention infrastructure high in his speech and to mention tax cuts not at all, reinforces that view.
Trump is prepared to ramp up US government debt to do it, just as Rudd was in Australia, and as some business leaders think Malcolm Turnbull should be now.
"It's crazy that our household debt is horrendously high and our government debt very low, yet we are trying to lift the economy through more household debt rather than the other way around," Evans said.
Trump may be be about to make the US a test case for a kind of anti-austerity program not seen in generations.
Peter Martin is economics editor of The Age
