Trump's White House win sends Dow up 1,500 points

The Dow, S&P 500 and Nasdaq hit fresh records after Trump win

U.S. stocks soared Wednesday as former President Trump defeated Vice President Kamala Harris in one of the most contentious elections in U.S. history. 

The Dow Jones Industrial Average jumped over 1,500 points Wednesday, continuing the climb seen in the pre-market session after the president-elect took the stage at his headquarters in Florida early Wednesday morning, thanking his supporters and promising to restore the country. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 43870.35 +461.88 +1.06%
GS THE GOLDMAN SACHS GROUP INC. 596.24 +14.41 +2.48%
JPM JPMORGAN CHASE & CO. 244.94 +4.14 +1.72%

"We're going to pay you back. We are 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 fast. And we're going to turn it around" said Trump. 

Dow financials, including Goldman Sachs and JPMorgan help drive the gains.

Dow Jones Industrial Average

The S&P 500 and Nasdaq Composite also saw sizable gains of over 2%. All three of the major market averages are on pace for a record close. 

"This is what lower regulation and lower taxes look like," said Great Hill Capital Chairman Thomas Hayes during an appearance on 'Varney & Co.' 

Ticker Security Last Change Change %
SP500 S&P 500 5948.71 +31.60 +0.53%
I:COMP NASDAQ COMPOSITE INDEX 18972.420086 +6.28 +0.03%

Trump invited Sen. JD Vance, R-Ohio, the presumptive new vice president, to the podium to speak, and he addressed reviving the U.S. economy, a top election issue. 

"We're going to lead the greatest economic comeback in American history under Donald Trump's leadership," Vance told the crowd. 

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

Fox projects former President Trump and Sen. JD Vance, R-Ohio, have been elected the next president and vice president of the U.S. The pair spoke at an election night event at the Palm Beach Convention Center in West Palm Beach, Fla., on Wednesday.  (Eva Marie Uzcategui/Bloomberg via Getty Images / Getty Images)

Even before Trump appeared to emerge as the winner, stock futures were steadily climbing, building on a rally Tuesday in which all three of the major market averages rose over 1% as all the major sectors in the S&P 500 locked in gains. 

"What the outcome of an election does is to provide us some certain amount of falling uncertainty" Ken Fisher, chairman and founder of Fisher Investments, said during an interview on "Cavuto Coast to Coast" ahead of the election outcome. Another layer of uncertainty will be lifted on Thursday, when the Federal Reserve makes a decision on interest rates. Market participants are predicting a 25 basis point cut and perhaps the same at the December meeting, according to the CME's FedWatch Tool, which measures the probability of rate moves. 

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

Ticker Security Last Change Change %
XLI INDUSTRIAL SELECT SECTOR SPDR ETF 140.64 +1.68 +1.21%
XLF FINANCIAL SELECT SECTOR SPDR ETF 50.18 +0.63 +1.27%
XLE ENERGY SELECT SECTOR SPDR ETF 97.14 +0.76 +0.78%

Investors snapped up shares of industrial, financial and energy stocks within the S&P. Trump is pro-energy, touting his "drill, baby, drill" mantra throughout his campaign.

S&P 500

Defensive stocks including utilities and consumer staples slipped, along with real estate. 

Ticker Security Last Change Change %
XLU UTILITIES SELECT SECTOR SPDR ETF 81.90 +1.40 +1.74%
XLP CONSUMER STAPLES SELECT SECTOR SPDR ETF 81.09 +0.87 +1.08%
XLRE THE REAL ESTATE SELECT SECTOR SPDR® FUND - USD DIS 43.76 +0.29 +0.67%

NATIONAL DEBT TRACKER

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

Ticker Security Last Change Change %
TSLA TESLA INC. 339.64 -2.39 -0.70%

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

Elon musk

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

Cryptocurrencies were also riding a wave as Bitcoin touched a new all-time high, trading above the $76,000 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 value is up more than 90% from its 52-week low of $35,027.44, hit on Nov. 6, 2023, according to Dow Jones Market Data. 

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