Nick Ferres, chief investment officer at macro fund manager Vantage Asset Management, nailed the market’s immediate reaction to the return of Donald Trump as US president: “Make volatility great again!”

The S&P 500 surged 2.4 per cent on a wild trading day that probably wasn’t as strong as the pre-market moves suggested; the prospect of the Republican sweep across the White House, the Senate and the House clearly fired up traders initially, before the enthusiasm ran out a little bit.