The Dow soars 1,500 points after Donald Trump wins the election

Rocio Fabbro, William Gavin, and Vinamrata Chaturvedi
·3-min read
Photo: A trader shows off his shirt featuring US President-elect Donald Trump, on the floor of the New York Stock Exchange (NYSE) in New York City on November 6, 2024. (Photo by TIMOTHY A. CLARY) (Getty Images)
Photo: A trader shows off his shirt featuring US President-elect Donald Trump, on the floor of the New York Stock Exchange (NYSE) in New York City on November 6, 2024. (Photo by TIMOTHY A. CLARY) (Getty Images)

The stock market skyrocketed on Wednesday after Donald Trump won the White House for a second term. By the end of the day, the Dow Jones Industrial Average surged more than 1,500 points, or 3.6%, to 43,729 points. The S&P 500 index rose 2.5%, and the Nasdaq climbed 2.9% as markets began reacting to the election results. Bitcoin hit a new all-time high Tuesday night when it started to look like the election was heading Trump’s way, and it reached another high of $76,000 on Wednesday late afternoon.

The Associated Press called the race for Trump shortly after 5:30 a.m. on Wednesday after declaring him the winner of Wisconsin, the latest in a string of swing states to go his way Tuesday night and into Wednesday morning. Trump had been declared the winner of the critical battleground state of Pennsylvania a few hours earlier.

Trump will become the second person in American history to serve as president across two non-consecutive terms, as both the 45th and 47th presidents, joining Grover Cleveland. His election means a return to many of the policies and politics of his first term before Trump lost the 2020 election to Joe Biden.

A second Trump presidency is expected to benefit oil and gas stocks, as well as cryptocurrency, defense, and bank stocks, though his tariffs may shave off some of the benefits his administration brings. Private prison operators would also benefit from his deportation program.

But economic analyses have shown that his proposals could negatively impact the economy, including hastening Social Security’s insolvency, increasing unemployment, raising inflation, lowering GDP, massively adding to the federal debt, and boosting tax rates for the vast majority of Americans.

Trump Media stock rose over 10%

Shares of Trump Media (DJT), the company behind his social media platform Truth Social, also soared over 10% on Wednesday. DJT stock had become something of a proxy for his election odds and a way for fans to buy into his brand.

Tesla’s stock soars following Trump’s victory

Tesla (TSLA) stock has been skyrocketing since former President Donald Trump defeated Vice President Kamala Harris to become the next president of the United States.

The electric vehicle firm’s CEO, Elon Musk, has become a close ally of Trump’s over the past several months, even spending election night with him at Trump’s Mar-a-Lago resort in Florida. Musk, who also leads several other firms, is poised to have some level of role or influence in the upcoming Trump administration, which he will likely use to help benefit his company.

Cryptocurrency stocks are on the rise

Companies tied to the crypto, such as Coinbase (COIN), MicroStrategy (MSTR), Marathon Digital (MARA), and Riot Platforms (RIOT) (RIOT), saw significant gains on Wednesday following Trump’s return to the White House.

Bitcoin advocate and MicroStrategy (MSTR) founder Michael Saylor posted on X: “We have a #Bitcoin President.”

Solar stocks are down

Trump’s win weighed heavily on green energy stocks. On Wednesday, among the worst performers on the S&P 500 were solar panel manufacturer First Solar (FSLR), inverter makers Enphase (ENPH), and electric power and energy infrastructure company NextEra Energy (NEE), which saw declines of over 18%, 12%, and 7%, respectively.

Other earnings to watch

Today, Novo Nordisk (NVO) and CVS Health (CVS) announced their earnings before the opening bell. AMC Entertainment (AMC, a popular “meme stock,” and QUALCOMM (QCOM), a key player in wireless technology, will release their results after the market closes.

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