Stocks and cryptocurrencies rose after former President Trump won the presidential election. Pictured are traders working at the New York Stock Exchange in New York on October 22.
Spencer Platt/Getty Images/Getty Images North America
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Spencer Platt/Getty Images/Getty Images North America
Wall Street investors are rejoicing as former President Trump returns to the White House.
The Dow Jones Industrial Average rose more than 1,300 points shortly after the opening, or more than 3%, just hours after Trump won the presidential election over Vice President Kamala Harris.
Meanwhile, the Nasdaq and S&P 500 rose more than 1.5% each in early morning trading.
Wall Street investors see Trump as more pro-business, especially with regard to cutting taxes and regulation.
Investors in particular are embracing the so-called “Trump trade,” where they buy stocks and other assets that they expect will do well under a second Trump presidency.
Bitcoin and cryptocurrency-related stocks also rose in price after the election of a president who promised to turn the United States into the “cryptocurrency capital of the planet.” (The cryptocurrency industry has pumped money into the 2024 election.)
Meanwhile, shares of other companies closely linked to Trump are also rising.
Shares of Tesla, the electric car maker run by Elon Musk, a Trump supporter, rose more than 10% in early trading. Shares of Trump Media and Technology Group, the company that controls the Trump Truth social network, also rose more than 10%.
