Major jump in U.S. stock market following Donald Trump's victory in 2024 election: Associated Press

By and Associated Press (AP)
Published  November 6, 2024 11:34am EST
FOX 35 Orlando
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ORLANDO, Fla. - The U.S. stock market jumped after the 2024 election results deemed Donald Trump the 47th President of the United States. 

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Donald Trump presidential election acceptance speech

Donald Trump speaks in West Palm Beach after he was projected to win 2024 presidential election.

Tesla, banks, and bitcoin are also surging on Wednesday as investors speculate on how Donald Trump’s return to the White House could impact the economy. The Mexican peso, solar-power companies, and those concerned about higher inflation are among the losers.

The S&P 500 rose 1.8% in morning trading, aiming to break its record high from last month. The Dow Jones climbed 1,315 points (3.1%), and the Nasdaq was up 2.1%.

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Historically, the stock market rises regardless of which party wins the presidency, though Democrats have seen bigger gains since 1945. A Republican win could shift the balance of winners and losers, with investors betting on Trump's preferences for higher tariffs, lower taxes, and lighter regulation.

As of Wednesday morning:

Bank stocks - Up

JPMorgan Chase saw an 8.3% increase, while financial stocks in the S&P 500 surged 4.5%, marking the largest gain among the index's 11 sectors.

Crypto - Up

Bitcoin reached a record high, surpassing $75,000 according to Coindesk, and was recently up 7%, nearing $74,000.

Tesla - Up

Tesla rose 11.8% higher.

Trump Media & Technology Group - Up

The company behind Trump’s ‘Truth Social’ platform rose 10.5%.

Treasury Bond Prices - Down

The yield on the 10-year Treasury jumped to 4.45% from 4.29% late Tuesday, a major move for the bond market.

Inflation worries - Up

Investors anticipate that Trump’s policies could increase future inflation, which has also driven up Treasury yields.

Foreign currencies - Down against the dollar

The value of the Mexican peso fell another 1.6% against the dollar. One United States Dollar is equivalent to 20.24 Mexican pesos. 

Renewable energy stocks - Down

Trumps victory sent solar stocks into a steep fall, including a 12.4% decrease for First Solar and a 14.2% slide for Enphase Energy.

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