U.S. stocks soared to record highs on Wednesday following Donald Trump’s presidential victory, with the Dow Jones, S&P 500, and Nasdaq all hitting new closing peaks.
The Dow jumped 3.6% (more than 1,500 points), the S&P 500 gained 2.5%, and the Nasdaq rose 3%. The Russell 2000 surged 5.8%, its largest gain in two years.
Tesla shares surged 15%, fueled by CEO Elon Musk’s backing of Trump. Other tech giants, including Nvidia and Amazon, gained 4% to hit record highs, while Apple and Meta edged lower.
Cryptocurrency stocks also surged, driven by Bitcoin’s rally to over $76,000. Coinbase rose 31%; MicroStrategy, one of the world’s biggest holders of bitcoin, gained 13%, and bitcoin miner MARA Holdings added 19%.
Bank stocks rallied on expectations of regulatory changes, with JPMorgan, Wells Fargo, Goldman Sachs, and Morgan Stanley all climbing over 10%.
Among other noteworthy movers, CVS Health jumped 11% after a strong earnings report, while Super Micro Computer fell 18% due to weak results and delayed filings.
Treasury yields, meanwhile, rose to 4.44%, their highest since July, as market expectations for Fed rate cuts eased. Gold futures dropped 3% to around $2,670 an ounce as the U.S. dollar strengthened in the wake of Trump’s victory.