Dow soars 1,300 points to a record, Russell 2000 jumps 4% as Trump defeats Harris
SUMMARY
The stock market soared following Donald Trump’s victory over Kamala Harris in the 2024 presidential election. The Dow Jones Industrial Average surged 1,300 points (3%), marking its largest single-day jump since November 2022. The S&P 500 and Nasdaq Composite both reached record highs, with gains of 2% and 1.8%, respectively. The Russell 2000, representing small-cap companies, rose 4%, reflecting expectations that Trump's tax policies would favor domestic growth. Key sectors and assets associated with Trump’s economic plans saw significant gains. Tesla shares surged 14% amid CEO Elon Musk's support for Trump, and major banks like JPMorgan Chase, Bank of America, and Wells Fargo each climbed over 6%. Bitcoin reached an all-time high of $75,000 due to prospects of eased regulation. The 10-year Treasury yield rose to 4.43%, driven by expectations of tax cuts boosting economic growth.
