Stocks surged to record highs on Wednesday following the victory of Donald Trump in the 2024 presidential election.
The Dow Jones Industrial Average jumped 1,167 points or approximately 2.8%, reaching an all-time high. This marks the first time since November 2022 that the blue-chip index has seen such a significant single-day increase. The S&P 500 also hit a record high, rising by 1.6%, while the Nasdaq Composite climbed 1.7% to reach its own all-time high.
Investor sentiment turned bullish as it became evident that Donald Trump would secure the presidency, defeating his Democratic opponent Kamala Harris by a significant margin and securing all swing states.
Stocks expected to benefit from a Trump administration saw a notable uptick as the former president’s victory became apparent. Tesla, a company backed by prominent Trump supporter Elon Musk, experienced a 14% surge in its shares. Banking institutions also saw gains, with JPMorgan Chase, Bank of America, and Wells Fargo all posting increases of at least 6%. Additionally, Trump’s media venture (DJT) saw an 11% rise in its stock value.
