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 / Getty Images
Wall Street investors are cheering former President Trump’s return to the White House.
The Dow Jones Industrial Average rose more than 1,300 points soon after the open, or more than 3%, just hours after Trump won the presidential election over Vice President Kamala Harris.
Meanwhile, the Nasdaq and S&P 500 both rose by more than 1.5% each in early morning trading.
Wall Street investors perceive Trump as more favorable to business interests, especially in terms of cutting taxes and regulations.
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.
The prices of Bitcoin and cryptocurrency-related stocks also 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.)
Meanwhile, shares of other companies associated particularly closely with Trump are also rising.
Tesla, the electric carmaker run by Trump supporter Elon Musk, rose over 10% in early trading. And Trump Media & Technology Group, the company that controls Trump’s Truth Social network, popped more than 10% as well.