U.S. stock indices are surging on news that Republican candidate Donald Trump has won a decisive victory in the 2024 presidential election.
The blue-chip Dow Jones Industrial Average is up more than 1,200 points, or nearly 3%. The benchmark S&P 500 index is up 2.4%, and the technology-laden Nasdaq 100 index is up 1.69% or nearly 400 points.
The surge comes on news that Trump has defeated his Democratic rival, Kamala Harris, after winning 276 Electoral College votes in the U.S. election, including swing states such as Pennsylvania, North Carolina, and Georgia.
Gains in the stock market appear widespread, with the small-cap Russell 2000 index up 6%.
Among individual stocks, shares of prominent U.S. banks such as JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC) are each up more than 6%.
The stock of electric vehicle maker Tesla (TSLA), whose chief executive officer (CEO) Elon Musk is a prominent Trump supporter, is up 13% on news of the election results.
Shares of Trump Media & Technology Group (DJT), Donald Trump’s own social media company, are up 50% in premarket trading.
Cryptocurrencies, which Trump heavily endorsed during his election campaign, are also rising, with Bitcoin (BTC) hitting an all-time high of $75,000 U.S.
Crypto mining firms such as Riot Platforms (RIOT) and MARA Holdings (MARA) are also surging and up more than 10% each.
The Cboe Volatility Index (VIX), often referred to as Wall Street’s fear gauge, fell to 15.7 from 20.49 as it becomes clear there is a decisive winner in the U.S. election.
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