Trump’s victory in the White House sends stocks soaring

US stocks rose on Wednesday as Donald Trump defeated Vice President Kamala Harris in one of the most contested elections in US history.

The Dow Jones Industrial Average jumped more than 1,000 points at the opening bell Wednesday morning, continuing the rise seen in the pre-market session after the president-elect took the stage at his Florida headquarters early in the morning, thanked his supporters and promised to restore the country.

Ticker	Security	Last	Change	Change in %
Me: DJI	DOW JONES Average	43488.31	+1,266.43	+3.00%

“We’re going to pay you back. We’re going to do the best job. We’re going to turn it around. It’s got to be turned around and it’s got to be turned around quickly. And we’re going to turn it around,” Trump said.

The S&P 500 and Nasdaq Composite also saw significant increases of over 2%. All three of the major market averages are headed for a record close.

“This is what lower regulation and lower taxes look like,” Great Hill Capital chairman Thomas Hayes said during an appearance at Varney & Co.

Ticker	Security	Last	Change	Change in %
SP500	S&P 500	5888.73	+105.97	+1.83%
In: COMP	NASDAQ COMPOSITE INDEX	18812.140755	+372.97	+2.02%

Trump invited JD Vance, the presumptive new vice president, to the podium to speak, and he talked about reviving the American economy, a top election issue.

“We are going to lead the greatest economic comeback in American history under the leadership of Donald Trump,” Vance told the audience.

FOX NEWS: ELECTION 2024 LIVE RESULTS

Americans have been dealt a hand with sky-high inflation in recent years. Although it is down from its peak of 9%, prices for everyday items such as food remain high.

Even before Trump appeared to emerge as the winner, stock futures rose steadily and built on a rally Tuesday, with all three major market averages up more than 1% as all major sectors of the S&P 500 locked in gains.

“What the outcome of an election does is give us a certain amount of reduced uncertainty,” said Ken Fisher, chairman and founder of Fisher Investments, during an interview on “Cavuto Coast to Coast” ahead of the election results.

Markets climbed heading into the election, with the S&P 500 and Nasdaq Composite up more than 20% annually, while the Dow is up 12%.

NATIONAL DEBT TRACKER

Trump also praised Tesla CEO Elon Musk and called the world’s richest man a new star. Musk hit the campaign trail for Trump, most recently starring at a rally at Madison Square Garden in New York City. Tesla shares gained on Trump’s victory.

Ticker	Security	Last	Change	Change in %
TSLA	TESLA INC.	278.91	+27.47	+10.93%

Trump also spoke highly of UFC CEO Dana White, another staunch supporter.

Cryptocurrencies also rode a wave as Bitcoin hit a new all-time high and traded above the $74,000 level. While both Trump and Harris were considered pro-crypto, investors leaned toward Trump being more favorable to the industry.

Annually, the largest cryptocurrency by market capitalization is up more than 90% from its 52-week low of $35,027.44 on Nov. 6, 2023, according to Dow Jones Market Data.

CLICK HERE TO READ MORE ABOUT FOX BUSINESS