U.S. stock markets grew following news of Donald Trump’s election victory over Vice President Kamala Harris on Tuesday night. Trump reclaimed several key states, including Wisconsin and Pennsylvania, sparking an immediate rally in financial markets.
On Wednesday morning, Dow futures rose by over 1,000 points shortly after Trump addressed supporters at his Florida headquarters, expressing gratitude and pledging to revitalize the nation, according to Fox Business.
“We’re going to repay our supporters with the best work possible. We’re committed to turning this country around—and we’ll do it quickly,” Trump stated in his speech.
S&P 500 and Nasdaq futures also climbed by over 1% in early trading, reflecting market optimism.
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Trump invited his running mate, JD Vance, the presumptive vice president, to address the crowd. Vance emphasized economic revitalization as a central goal of the new administration, a theme central to their campaign.
“We’re set to lead the biggest economic comeback in American history under Trump’s leadership,” Vance declared to enthusiastic applause.
Americans have recently been impacted by rising inflation. Although inflation has eased somewhat from a peak of 9%, prices for essentials such as food and gasoline remain high. Construction materials, housing, and insurance costs have also increased, and interest rates have reached historic highs under the previous administration.
Even before Trump was declared the victor, stock futures were trending upward, continuing gains from Tuesday when major market indices rose over 1%, with every major sector in the S&P 500 posting increases.
Ken Fisher, chairman of Fisher Investments, noted on “Cavuto Coast to Coast” that “the outcome of an election provides a degree of certainty,” which often has a positive impact on markets.
Heading into election day, the S&P 500 and Nasdaq Composite had each risen over 20% annually, while the Dow saw a 12% gain, according to Fox Business. Polling in recent weeks had consistently shown Trump with an advantage over Harris, which was also reflected in betting markets.
Trump also acknowledged Tesla CEO Elon Musk, who has been a strong supporter throughout the campaign, most recently headlining a rally in New York City. Trump further praised UFC CEO Dana White for his continued backing.
Cryptocurrencies benefited from the positive market environment, with Bitcoin hitting a record high, surpassing $73,000. While both Trump and Harris had expressed support for cryptocurrency, investors seemed more confident in Trump’s commitment to the industry.
During his victory speech at his headquarters early Wednesday, Trump reflected on the significance of his win, stating, “Many have said that my life was spared for a purpose, to help save and rebuild this country.”
Trump, who has faced two assassination attempts since July, spoke to his supporters for 25 minutes from West Palm Beach, Florida.
“This victory is a win for the American people, allowing us to achieve greatness once more. Alongside our wins in North Carolina, Georgia, Pennsylvania, and Wisconsin, we’re now ahead in Michigan, Arizona, Nevada, and Alaska, likely securing at least 315 electoral votes. We’ve also won the popular vote,” Trump said as the crowd erupted with cheers of “USA! USA!”
“People have told me my life was saved for a reason, to restore America to greatness, and together, we’re going to fulfill that mission,” Trump added, closing out the night’s celebrations.