The U.S. stock market experienced a historic rally on Wednesday, with the Dow Jones Industrial Average skyrocketing by more than 1,430 points—a record single-day surge for the index since November 2022. This dramatic spike followed media projections confirming Donald Trump’s victory in the 2024 presidential election. Vice President Kamala Harris formally conceded by congratulating Trump in a call, marking an end to the race.
The broader market mirrored the Dow’s rise, with the S&P 500 and Nasdaq both reaching all-time highs, climbing by over 2%. The Russell 2000 index, which monitors smaller U.S. companies, jumped 4.7% as investors anticipated tax cuts and protectionist policies under Trump’s administration. Meanwhile, the 10-year Treasury yield climbed to 4.43%, and the dollar index increased by 1.7% to 105.13.
David Bahnsen, Chief Investment Officer at The Bahnsen Group, noted the investor sentiment, describing it as “pro-growth, pro-deregulation, and pro-markets,” attributing the market’s robust reaction to anticipated tax cuts and deregulation under Trump’s leadership. “This creates a strong backdrop for stocks,” Bahnsen remarked.
The cryptocurrency sector also enjoyed gains, with Bitcoin hitting an all-time high of $75,000 per coin after Trump’s campaign promises to make the U.S. a global leader in digital assets. Tesla’s stock, bolstered by the support of CEO Elon Musk, a known Trump advocate, surged by nearly 14%.
Angelo Kourkafas, Senior Investment Strategist at Edward Jones, said that the rally reflected not only market optimism about Trump’s win but also relief that the election concluded decisively. Kourkafas added that the markets historically overreact immediately after elections and predicted a possible tempering of gains in the days ahead.
