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The Dow Jones soars over 1,500 points to record high after Trump wins the election

Stocks and cryptocurrencies surged after former President Trump won the presidential election. Pictured are traders working on the New York Stock Exchange in New York on Oct. 22.
Spencer Platt/Getty Images
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Getty Images North America
Stocks and cryptocurrencies surged after former President Trump won the presidential election. Pictured are traders working on the New York Stock Exchange in New York on Oct. 22.

Wall Street investors are cheering former President Trump's return to the White House.

The Dow Jones Industrial Average soared to a record high, closing up more than 1,500 points on Wednesday after Trump won the presidential election over Vice President Kamala Harris.

Meanwhile, the Nasdaq and S&P 500 each rose by more than 2% on Wednesday to also hit new highs.

Wall Street investors perceive Trump as more favorable to business interests, especially in terms of cutting taxes and regulations. Some investors also welcomed the speed with which this election was decided, after the 2020 presidential contest dragged out for days.

"The market's not only welcoming a Trump victory, but [also] the decisiveness of the victory. The clouds of uncertainty have really parted," says Adam Turnquist, chief technical strategist at LPL Financial.

The 'Trump trade'

Investors are particularly embracing the so-called "Trump trade," buying up stocks and other assets that they expect to do well under Trump's second presidency. Businesses have complained about what they see as excessive regulations of their activities from the Biden administration and its strong enforcement of antitrust law.

Now, Trump is expected to loosen those restrictions.

Shares in several large banks — including Goldman Sachs, JPMorgan Chase, and Wells Fargo — soared as shareholders anticipate lighter government oversight of the financial sector.

"Less regulation is good for the tech [companies] and the banks," said Todd Morgan, Chairman of Bel Air Investment Advisors.

Former President Trump gestures as he speaks during a campaign rally at Van Andel Arena in Grand Rapids, Mich., on Nov. 5, 2024. Investors are embracing the so-called "Trump trade," buying up stocks and other assets that they expect could benefit from a new Trump administration.
KAMIL KRZACZYNSKI/AFP via Getty Images / AFP
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AFP
Former President Trump gestures as he speaks during a campaign rally at Van Andel Arena in Grand Rapids, Mich., on Nov. 5, 2024. Investors are embracing the so-called "Trump trade," buying up stocks and other assets that they expect could benefit from a new Trump administration.

Cryptocurrencies and Tesla shares also soar

Some of the biggest winners of Wall Street's "Trump Trade" include sectors where Trump himself, or his family and close supporters, have a business interest.

The prices of Bitcoin and cryptocurrency-related stocks soared after the election of a president who promised to turn the United States into "the crypto capital of the planet." (The crypto industry had poured money into the 2024 elections, including Trump's campaign. Meanwhile, Trump and his sons launched a crypto business this fall.)

Tesla, the electric carmaker run by Trump supporter Elon Musk, rose almost 15% on Wednesday. (At the same time, Trump has spoken dismissively of EVs, Tesla's core product, and vowed to take away incentives and regulations that have helped drive Tesla's profits.)

Trump Media & Technology Group, the company that controls Trump's Truth Social network, closed up almost 6%.

Trading in Trump Media has been wildly volatile and often at odds with the company's weak financial performance. (Trump Media lost more than $19 million in the last quarter, on just $1 million in revenue, according to a regulatory filing the company released late in the afternoon on Election Day.)

But bond markets falter

Despite the huge rally Wednesday in stock markets, the bond markets are reacting more negatively to Trump's victory — and to the potential consequences of some of his economic policies.

Trump's proposed tariffs would raise costs for U.S. businesses and consumers and likely invite retaliation from U.S. trading partners. And his overall economic platform — including the proposed tax cuts — are expected to widen the federal deficit, adding to the government's borrowing costs.

Yields on 10-year Treasuries, which rise when bond prices fall, climbed.

"There's an element of concern over fiscal deficits" that Trump heightens, "especially with the potential for a Republican sweep in Congress," says Turnquist of LPL Financial.

NPR's Camila Domonoske and Scott Horsley contributed reporting.

Copyright 2025 NPR

Maria Aspan
Maria Aspan is the financial correspondent for NPR. She reports on the world of finance broadly, and how it affects all of our lives.

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The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.

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