President-Elect Trump’s win surges on Wall Street
NEW YORK (NBC, KYMA/KECY) - A win for President-elect Donald Trump sent a surge on Wall Street Wednesday morning.
The Dow Jones Industrial Average jumped 2.9%, or more than 1,200 points after the opening bell. Meanwhile, the Standard and Poor's (S&P) 500 futures gained 2.4%, and NASDAQ 100 futures climbed 1.8%.
Index Futures for smallcap stocks on the Russell 2000 jumped nearly 6% in early premarket trading, signaling confidence in rapid domestic economic growth, declining borrowing rates and low corporate tax rates.
This is the first time since November 2022 that the Dow has jumped more than 1,000 points in a single day.
Companies that saw stock surges following Trump's victory included Elon Musk's Tesla, JP Morgan, Bank of America and Wells Fargo.
Bitcoin, which price rose to an all-time high of $75,000, could benefit from relaxed regulation under Trump's administration.
The U.S. Dollar Index also climbed to it's highest level since July on the belief that Trump's proposed tariffs would provide a boost to U.S. currency.
