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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
A New Political Order
Eight hours after President-elect Donald Trump claimed victory, Hillary Clinton delivered a formal concession speech on Wednesday morning in New York. She called her loss “painful” but urged the country to accept Mr. Trump as the next president. Meanwhile, President Barack Obama invited his successor to the White House, where Mr. Trump is expected on Thursday, and promised a “smooth transition” to a Trump administration. And with that, having dispatched the Bush and Clinton political dynasties in his White House run, Mr. Trump has reshaped what it means to be a Republican, leaving some longtime party officials scrambling to find their places in a new political era. Republicans in Washington and across the country, including House Speaker Paul Ryan, are beginning to adopt the Trump agenda as their own. Party leaders are targeting sweeping changes and moving quickly to take advantage of their control of the White House and both chambers of Congress next year. Major goals include repealing Mr. Obama’s signature health-care law, cutting taxes and rolling back regulations, especially those dealing with the environment.

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The Winning Coalition
Mr. Trump did what many leaders of his own party said couldn’t be done: He won a national election by drawing a larger share of the nation’s white voters. Though the white share of the voter pool declined, as expected, Mr. Trump won those voters by a 21-percentage-point margin, exit polls showed, up from Mitt Romney’s 20-percentage-point margin in 2012. That gave Mr. Trump a winning hand, partly because Mrs. Clinton couldn’t match Mr. Obama’s vote totals in Philadelphia, Detroit and other metropolitan areas that Democrats typically rely on. The result: Mr. Trump won the formerly Democratic Upper Midwest while winning working-class whites nationwide by 41 percentage points, up from his party’s already-formidable 26-point advantage four years ago. The Democratic coalition that twice propelled Mr. Obama to the White House—minority voters, young voters and segments of affluent whites—remains intact. And yet it didn’t come out in Obama-sized numbers.
Market Switchbacks
After some initial jitters, investors embraced Mr. Trump’s election, snapping up stocks and selling bonds in a bet that the Republican’s plans for fiscal stimulus will succeed in breaking the U.S. out of a postcrisis economic funk. The Dow Jones Industrial Average posted its second large gain this week, led by a rally in financial, pharmaceutical and engineering firms. Meanwhile, the yield on the 10-year U.S. Treasury note surged to 2.07%, its highest level since January. The action shows that after months of either playing down the likelihood of a Trump presidency or selling shares in a defensive reflex when Mr. Trump rose in pre-election polls, investors are welcoming the prospect that expansive fiscal spending under the Trump administration could bolster economic activity, push up inflation and support higher bond yields in coming years. Bank stocks also rose sharply on the prospect of stronger growth and less regulation. Meanwhile, U.S. businesses are bracing for revamped trade pacts and a potential crackdown on overseas operations, coupled with the promise of lower taxes, lighter regulation and higher infrastructure spending at home.
United They Fight
Federal rules force airlines to generously compensate passengers they bump from flights, yet gate agents don’t always follow the requirements. In August, the Transportation Department fined Alaska, American, Southwest and United airlines for misleading travelers after bumping them. Travelers are fighting back, too. Our Middle Seat columnist Scott McCartney tells the story of one stubborn passenger who took United to court in Memphis, Tenn., while receiving support online from other road warriors. The result: An initial offer of $373 in compensation turned into a trial in small claims court, a judgment against United for more than $1,300 and a settlement of around $2,000 after a year of effort. The unusual battle demonstrates how some airlines resist compensating customers for service failures, but online communities such as FlyerTalk and InsideFlyer offer consumers important information about arcane airline rules.
White Women and Trump
That Was Painless
What demographic slice mattered most in Mr. Trump’s triumph over Mrs. Clinton? There’s a case to make for less educated white women.

Donald Trump’s Win Underscores Divide in Global Economic Order

A New President, a New Era of Uncertainty for the Fed

Election Result Goes Down Hard in Mexico

Populist Victory Raises Questions Abroad

Nov. 8 Result Seen as a Blow to Silicon Valley

How the Media’s Election Predictions Badly Missed the Mark

Afraid of What Comes Next for the Markets and Economy? Read This

Donald Trump’s Financial Advisory Team Stocked With Wall Streeters
The slide in the Viacom’s profit in the latest quarter as the company was hurt by continued soft performance at its networks and a weaker showing at the box office, in the midst of exploring a possible merger with CBS.
The whole of the West is turning its back on a failed system of politics.
Nigel Farage, who championed Brexit as the then-head of the UK Independence Party, hailed Mr. Trump’s win as proof of antiestablishment momentum.
Going back to our story above, what are your thoughts on turnout in the presidential race? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Margaret Rawson
Responding to yesterday’s question on the 2016 Election results, Russ Hagberg of Illinois said: “It’s 2016…The Chicago Cubs end 108 years of baseball futility and Donald Trump is elected President of United States. I’m sure my alarm clock will go off soon and wake me from this dream.” Bob Jones of New Jersey wrote: “Mr. Trump flipped the rust belt from blue to red and won the election. These are the same people who were most hurt by global trade, and were most ignored by the cosmopolitan elite. The Democratic coalition of wealthy elites and poor minorities has proven to be unstable. It’s time for both parties to forego identity politics and address our common interests.” Mary Ann Mikulski of New York weighed in: “Well, our long nightmare is about to begin. The only thing I can hope for is that the Democrats in Congress give Mr. Trump 10 times the resistance the Republicans gave President Obama over the last 8 years. My hope is he fails miserably in his presidency as he did in his businesses.” And Scott N. Ledbetter of Georgia commented: “After eight years of partisan, ‘my way or the highway’ leadership by a man who had no interest in being everyone’s president, the election of Mr. Trump portends for a better, more united future for our country. He hopefully will surround himself with smart, seasoned people and become one of our best presidents ever.”

This daily briefing is named “The 10-Point” after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary “What's News” digest of top stories. Technically, “10-point” referred to the size of the typeface. The type is smaller now but the name lives on.

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