Trump’s victory in the White House sends stocks soaring

US stock futures rose as Donald Trump looked set to defeat Vice President Kamala Harris in one of the most contested elections in US history.

Dow Futures Spike: 3:30 a.m. ET

Dow futures rose more than 1,000 points before he retreated as Trump took the stage at his Florida headquarters, thanked his supporters and promised to restore the country.

“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.

S&P 500 and Nasdaq futures were also up more than 1% in early morning trading.

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.

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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.

Fox projects Donald Trump and Senator JD Vance of Ohio have been chosen as the next President and Vice President of the United States. The couple spoke at an election night event at the Palm Beach Convention Center in West Palm Beach, Fla., on Wednesday, Nov. (Eva Marie Uzcategui/Bloomberg via Getty Images/Getty Images)

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

Tesla and SpaceX CEO Elon Musk speaks at a rally for Donald Trump at Madison Square Garden in New York on October 27, 2024. (Angela Weiss/AFP via Getty Images/Getty Images)

Cryptocurrencies also rode a wave as Bitcoin hit a new all-time high and traded above the $73,000 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.

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