Stocks and cryptocurrencies soared after former President Trump won the presidential election. The photo shows traders working at the New York Stock Exchange in New York on October 22.

Spencer Platt/Getty Images/Getty Images North America

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Spencer Platt/Getty Images/Getty Images North America

Investors on Wall Street are cheering former President Trump’s return to the White House.

The Dow Jones Industrial Average rose more than 1,300 points, or more than 3%, shortly after the open, just hours after Trump won the presidential election over Vice President Kamala Harris.

Meanwhile, the Nasdaq and S&P 500 both rose more than 1.5% in early morning trading.

Investors on Wall Street view Trump as more favorable to business interests, especially when it comes to cutting taxes and regulations.

Investors are mainly embracing the so-called “Trump trade,” buying stocks and other assets that they expect to do well under Trump’s second presidency.

Prices of Bitcoin and cryptocurrency-related stocks also soared after the election of a president who promised to make the United States “the crypto capital of the planet.” (The crypto industry had put money into the 2024 elections.)

Meanwhile, shares of other companies that are particularly closely linked to Trump are also rising.

Tesla, the electric car manufacturer of Trump supporter Elon Musk, rose more than 10% in early trading. And Trump Media & Technology Group, the company that controls Trump’s Truth Social network, also gained more than 10%.