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

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

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

The S&P 500 and Nasdaq Composite also posted significant gains of more than 2%. All three major market averages are on track for a record close.

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

Trump invited JD Vance, the presumptive new vice president, to the stage to speak, and he talked about revitalizing the US economy, a key election issue.

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

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Americans have had to deal with skyrocketing inflation in recent years. Although the price has fallen by 9%, prices for everyday items such as food remain high.

Fox projects Donald Trump and Ohio Senator JD Vance have been elected the next president and vice president of the United States. The pair spoke Wednesday, November 1, at an election night event at the Palm Beach Convention Center in West Palm Beach, Florida. (Eva Marie Uzcategui/Bloomberg via Getty Images/Getty Images)

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

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

Markets rallied in the run-up to the election, with the S&P 500 and Nasdaq Composite up more than 20% annually, while the Dow Jones rose 12%.

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

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

Elon Musk, CEO of Tesla and SpaceX, speaks during 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 the 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 sector.

Annually, the largest cryptocurrency by market cap 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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