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Stocks rallied sharply on Wednesday, with major benchmarks hitting record highs, as Donald Trump won the 2024 presidential election.
The Dow Jones Industrials popped 1,508.05 points, or 3.6%, to 43,729.93. 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 index surged 146.28 points, or 2.5%, to 5,929.04.
The NASDAQ gathered 544.29 points, or 3%, to 18,983.47. All three hit record highs.
News outlets projected that Trump defeated his Democratic rival, Kamala Harris, after winning 276 Electoral College votes, including key swing states of Pennsylvania, North Carolina and Georgia
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 14.8%. Bank shares got a boost with JPMorgan Chase climbing 11.8% and Wells Fargo jumping 12.6%.
Shares of Trump Media & Technology Group, a social media company closely tied to Trump, was last up 3% in volatile trading.
Prices for the 10-year Treasury tumbled, lifting yields to 4.44% from Tuesday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices dipped seven cents to $71.92 U.S. a barrel.
Prices for gold stumbled $80.30 an ounce to $2,669.40 U.S.
