U.S. stocks soared Wednesday as Donald Trump defeated Vice President Kamala Harris in one of the most contentious elections in U.S. history.
The Dow Jones Industrial Average jumped over 1,000 points at the opening bell Wednesday morning, continuing the climb seen in the pre-market session after the president elect took the stage at his headquarters in Florida early morning, thanking his supporters and promising to restore the country.
“We’re going to pay you back. We are going to do the best job. We’re going to turn it around. It’s got to be turned around, and it’s got to be turned around fast. And we’re going to turn it around” said Trump.
The S&P 500 and Nasdaq Composite also saw sizable gains of over 2%. All three of the major market averages are on pace for a record close.
“This is what lower regulation and lower taxes look like” said Great Hill Capital Chairman Thomas Hayes during an appearance on Varney & Co.
Trump invited JD Vance, the presumptive new vice president, to the podium to speak, and he spoke about reviving the U.S. economy, a top election issue.
“We’re going to lead the greatest economic comeback in American history under Donald Trump’s leadership,” Vance told the crowd.
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Americans have been dealt a hand of sky-high inflation in recent years. While it has come down from its 9% peak, prices for everyday items such as food remain elevated.
Even before Trump appeared to emerge as the winner, stock futures were steadily climbing, building on a rally Tuesday in which all three of the major market averages rose over 1% as all the major sectors in the S&P 500 locked in gains.
“What the outcome of an election does is to provide us some certain amount of falling uncertainty” Ken Fisher, chairman and founder of Fisher Investments, said during an interview on “Cavuto Coast to Coast” ahead of the election outcome.
Markets climbed heading into the election, with the S&P 500 and Nasdaq Composite up over 20% annually, while the Dow is up 12%.
Trump also praised Tesla CEO Elon Musk, calling the world’s richest man a new star. Musk hit the campaign trail for Trump, most recently headlining a rally at Madison Square Garden in New York City. Tesla shares gained on Trump’s victory.
Trump also spoke highly of Dana White, CEO of the UFC, another staunch supporter.
Cryptocurrencies were also riding a wave as Bitcoin touched a new all-time high, trading above the $74,000 level. While both Trump and Harris were considered pro-crypto, investors leaned toward Trump being more favorable to the industry.
Annually, the largest cryptocurrency by market value is up more than 90% from its 52-week low of $35,027.44 hit on Nov. 6, 2023, according to Dow Jones Market Data.
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