US stocks surge to new record highs as Trump wins

US stocks rose during the trading day on Wednesday, with major indexes hitting new record highs, after Republican candidate Donald Trump won the 2024 presidential election.

The Dow Jones Industrial Average rose 1,300 points, or about 3%, to set a new record. The last time the index jumped more than 1,000 points in a single day was in November 2022.

The S&P 500 also hit an all-time high, rising about 2%. The Nasdaq Composite Index rose about 1.8% to an all-time high.

According to CNBC, NBC News expects Trump to defeat his Democratic rival, Kamala Harris, after winning 276 electoral votes, including the key swing states of Pennsylvania, North Carolina and Georgia.

Shares of companies and institutions seen as beneficiaries of Trump’s presidency surged, with Tesla Inc., whose CEO Elon Musk is a prominent Trump supporter, up more than 11%.

Bank stocks got a boost, with JPMorgan Chase, Bank of America and Wells Fargo all up at least 6%.

The Russell 200 index of small-cap companies jumped 4%. Small companies, which tend to be domestically oriented and vulnerable to cyclicality, are seen as enjoying huge benefits from Trump’s tax cuts and protectionist policies.

The cryptocurrency bitcoin, which could benefit from the easing of regulations, rose to an all-time high of $75,000 before paring some of its gains.

The dollar index rose to its highest level since July on expectations that Trump’s proposed tariffs on major U.S. trading partners would boost the greenback.

The yield on the 10-year Treasury note rose to about 4.43% on speculation that Trump’s proposed tax cuts and other spending plans would ignite economic growth but also widen the fiscal deficit and reignite inflation. Shares of Trump Media, in which Donald Trump is a major shareholder, surged as much as 24% before paring gains to rise about 10% in recent trading.