US stocks surged to record highs on 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 on Wednesday morning put him over the top, as he is set to return to the White House as the 47th president.
The Dow Jones Industrial Average (^DJI) jumped 3.2%, or more than 1,400 points to touch an intraday record. The benchmark S&P 500 (^GSPC) moved up roughly 2.3% to surpass the 5,900 level, while the tech-heavy Nasdaq Composite (^IXIC) rose about 2.7% also touching new highs.
The 10-year Treasury note (^TNX), meanwhile, rose as much as 18 basis points to a high of 4.47%. Bitcoin (BTC-USD) rallied to a record alongside a surge in the dollar (DX-Y.NYB) as the outcome 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 (KRE) was up more than 11%.
