The financial markets are making their voices heard about how happy they are that President Trump won the election last night and defeated Kamala Harris.
The Dow Jones surged to a record high this morning and Trump’s own company, Trump Media & Technology Group, “surged a whopping 24%.”
Here’s more from CNBC:
Stocks rallied Wednesday, with some major benchmarks hitting record highs, as Donald Trump won the 2024 presidential election.
The Dow Jones Industrial Average surged 1,300 points to a record high, or around 3%. The last time the blue-chip Dow jumped more than 1,000 points in a single day was in November 2022. The S&P 500 also hit an all-time high, popping 2%. The Nasdaq Composite climbed 1.8%.
NBC News projects that Trump will defeat his Democratic rival, Kamala Harris, after winning 276 Electoral College votes, including key swing states of Pennsylvania, North Carolina and Georgia. Follow CNBC’s 2024 election live blog here.
Investments seen as beneficiaries under a Trump presidency erupted as the former president appeared set to claim victory. Tesla, whose CEO Elon Musk is a prominent backer of Trump, saw shares surge 14%. Bank shares got a boost with JPMorgan Chase, Bank of America and Wells Fargo all jumping at least 6%.
The small cap benchmark Russell 200 jumped 4%. Small companies, which are more domestic-oriented and cyclical, are believed to enjoy outsized benefits from Trump’s tax cuts and protectionist policies.
Bitcoin, which could benefit from relaxed regulation, soared to an all-time high of $75,000. The dollar index climbed to its highest level since July on the belief that Trump’s proposed tariffs against major U.S. trading partners would boost the greenback. The 10-year Treasury yield surged to around 4.43% on speculation Trump’s proposed tax cuts and other spending plans would spark economic growth, but also widen the fiscal deficit and reignite inflation.
Shares of Trump Media & Technology Group, a social media company closely tied to Trump, surged a whopping 24%.
“For now, investor sentiment is pro-growth, pro-deregulation, and pro-markets, as seen in the overnight market action,” David Bahnsen, chief investment officer at The Bahnsen Group. “There is also an assumption that M&A activity will pickup and that more tax cuts are coming or the existing ones will be extended. This creates a strong backdrop for stocks.”
It’s morning in America again and these people know it. What great day for our country!
