• Major U.S. indexes rose sharply midday Wednesday as former President Donald Trump is set to return to the White House.

• Stocks of banks and cryptocurrency-related companies surged as investors expected a friendlier environment for banks and cryptocurrencies.

• Solar stocks slumped as the former president's campaign promised to reverse the Biden administration's policies in favor of renewable energy.

Major U.S. indexes rose sharply midday Wednesday as former President Donald Trump is set to return to the White House. The Dow rose over 3%, while the S&P 500 and Nasdaq gained 2%. The yield on the 10-year government bond also rose.

Trump Media & Technology Group shares (DJT), the Trump-majority social media company, jumped.

Shares of companies expected to benefit from higher interest rates and Trump's plans to reduce regulation also rose. Goldman Sachs (G.S) was with shares of Wells Fargo (WFC) and JPMorgan Chase (JPM) also higher.

Coinbase Global shares (COIN) and other cryptocurrency-related companies enjoyed a boost as the price of Bitcoin hit a record high and other digital coins gained as Trump called for the US to be “the crypto capital of the planet.”

Tesla (TSLA) Stocks hit their highest level in more than two years after Trump called CEO Elon Musk “a genius” in his acceptance speech, with investors assuming Musk's support for the new president during the campaign could help the electric vehicle maker.

Meanwhile, shares of solar and other renewable energy companies plunged, including Enphase Energy (ENPH) and First Solar (FSLR), along with giant lithium mining company Albemarle (ALB).

Lennar shares (LEN) and rival homebuilders fell on concerns that higher borrowing costs could hurt sales of new homes.

super microcomputer (SMCI) shares plunged after the computer server maker missed revenue estimates as its accounting practices came under scrutiny.

Crude oil and gold futures fell while the U.S. dollar rose against the euro, pound and yen.