US stocks soared on Wednesday as Donald Trump defeated Vice President Kamala Harris in one of the most contentious elections in US history.

The Dow Jones Industrial Average jumped above 1,000 points at the opening bell Wednesday morning, extending its advance from the premarket session after the president-elect took the stage at his Florida headquarters early in the morning, thanking his supporters and pledging to lead the country to restore.

“We will pay you back. We will do the best job. We will turn things around. The turnaround must happen, and quickly. And that's what we're going to do.” “Turn around,” Trump said.

The S&P 500 and the Nasdaq Composite also recorded significant increases of over 2%. All three major market averages are on track for a record close.

“This is what less regulation and lower taxes look like,” Thomas Hayes, chairman of Great Hill Capital, said during an appearance at Varney & Co.

Trump invited JD Vance, the presumptive new vice president, to the podium as a speaker and talked about revitalizing the US economy, a top election issue.

“We will lead the greatest economic comeback in American history under the leadership of Donald Trump,” Vance told the crowd.

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Americans have suffered rapid inflation in recent years. Although the price has declined from its peak of 9%, prices for everyday items such as food remain high.

Fox Projects Donald Trump and Senator JD Vance of Ohio have been elected as the next President and Vice President of the United States. The couple spoke at an election night event on Wednesday, November 13, at the Palm Beach Convention Center in West Palm Beach, Florida. (Eva Marie Uzcategui/Bloomberg via Getty Images / Getty Images)

Even before Trump emerged victorious, stock futures were rising steadily, building on a rally Tuesday that saw all three major market averages rise over 1% while all major sectors in the S&P 500 posted gains.

“The outcome of an election creates a certain level of decreasing uncertainty,” said Ken Fisher, chairman and founder of Fisher Investments, during an interview on “Cavuto Coast to Coast” ahead of the election results.

Markets rose before the election: The S&P 500 and Nasdaq Composite gained over 20% annually, while the Dow gained 12%.

NATIONAL DEBT TRACKER

Trump also praised Tesla boss Elon Musk and called the world's richest man a new star. Musk campaigned for Trump and most recently led a rally at Madison Square Garden in New York City. Tesla shares rose on Trump's victory.

Trump also praised UFC CEO Dana White, another staunch supporter.

Tesla and SpaceX CEO Elon Musk speaks at a rally for Donald Trump at Madison Square Garden in New York on October 27, 2024. (Angela Weiss/AFP via Getty Images / Getty Images)

Cryptocurrencies were also on the rise as Bitcoin hit a new all-time high, trading above the $74,000 mark. While both Trump and Harris were seen as proponents of cryptocurrency, investors tended to think that Trump was more favorable to the industry.

According to Dow Jones Market Data, the largest cryptocurrency by market value has risen more than 90% every year since hitting its 52-week low of $35,027.44 on November 6, 2023.

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