Wall Street Soars to Record Highs as Donald Trump Wins 2024 Election

The Republican Party reclaimed control of the Senate, while the House of Representatives leans Republican but remains undecided.

A “everything rally” powered Wall Street on Wednesday after the 2024 election results, with Donald Trump emerging as the clear presidential winner.

The Republican Party reclaimed control of the Senate, while the House of Representatives leans Republican but remains undecided.

The major U.S. equity indices – the S&P 500, Dow Jones Industrial Average, and Nasdaq 100 – surged to record highs in early trading, as investor optimism grew on expectations of more favorable tax policies.

The S&P 500, Nasdaq, and Dow posted gains of 2.3%, 2.4%, and 3.3%, respectively.

However, the real standouts were small caps and bank stocks, with investors turning to domestic businesses and U.S. banks in anticipation of potential tariff protections and further financial deregulation.

The Russell 2000 jumped 5.5%, marking its largest single-day increase in two years.

Large-cap bank stocks climbed 6%, while regional banks tracked by the SPDR S&P Regional Banking ETF (KRE) soared 13%—both seeing their biggest one-day gains since November 2020, when the first COVID-19 vaccine was announced.

Clean energy stocks were among the day’s worst performers, with the Invesco Solar ETF (TAN) plunging 11% for its steepest drop since March 2020, as investors braced for potential rollbacks on green initiatives under the Trump administration.

In the foreign exchange market, the U.S. dollar initially rallied nearly 2% before paring gains to 1.4% as traders awaited a Federal Reserve interest rate cut on Thursday.

Treasury yields spiked as expectations rose for larger budget deficits under Republican fiscal policies and higher inflation due to potential tariffs. The 10-year Treasury yield climbed 14 basis points to 4.41%, reaching a four-month high.

Gold prices fell 2.8%, silver dropped over 4%, while natural gas rose 3.8%. Oil prices remained steady.

In the cryptocurrency market, risk appetite thrived, with Bitcoin (BTC) rising over 8% to reach a record high of $75,000. Ethereum (ETH) gained 10%, and Dogecoin (DOGE) surged 14%, the strongest performance among the top 10 cryptocurrencies.

Wednesday’s Performance In Major US Indices, Sectors

According to Benzinga Pro data:

Wednesday’s Stock Movers

Stocks reacting to earnings reports were:

Major companies moving in reaction to election results were:

The rallies in the stock and crypto markets drove shares of Robinhood Inc. (NASDAQ:HOOD) and Coinbase Global Inc. (NASDAQ:COIN) up by 18% and 26%, respectively.

Major losers among clean energy stocks included Enphase Energy Inc. (NASDAQ:ENPH) and First Solar Inc. (NASDAQ:FSLR), down 16.7% and 10.5%, respectively.

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