US stocks surged Wednesday as investors digested Donald Trump’s victory in the US presidential election over Kamala Harris.
A call in the state of Wisconsin in favor of Trump by the Associated Press on Wednesday morning put him over the top, with Trump set to return to the White House as the 47th president.
The tech-heavy Nasdaq Composite led the gains, rising about 1.8%. The benchmark S&P 500 moved up roughly 1.9%. The Dow Jones Industrial Average jumped 3%, or more than 1,200 points.
The 10-year Treasury note, meanwhile, rose 17 basis points to trade around 4.46%. Bitcoin rallied to a record alongside a surge in the dollar as Tuesday evening’s returns bolstered the “Trump trade.”
Outside of the presidential election, Republicans have also flipped the Senate. Control of the House of Representatives remains unclear (and likely will for days or weeks).
Trump’s policies had been viewed by some experts as more positive for the financials sector, spurring a massive rally in regional banks before the open on Wednesday. The S&P Regional Banking ETF was up more almost 10%.
Meanwhile, the small-cap Russell 2000, which includes some regional banks, soared at the open.
In individual moves, Tesla stock jumped more than 14%. The EV maker’s CEO Elon Musk publicly supported and had donated heavily to the Trump campaign.