Dow futures soar 1,300 points after Donald Trump wins the election

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Stock futures soared Wednesday morning after Donald Trump won the White House for a second term. Dow futures surged more than 1,315 points, S&P 500 futures rose 2.15%, and Nasdaq futures climbed 1.53% as markets began reacting to the election results. Bitcoin hit a new all-time high Tuesday night when it started to look like the election was heading Trump’s way.

The Associated Press called the race for Trump shortly after 5:30 a.m. on Wednesday after declaring him the winner of Wisconsin, the latest in a string of swing states to go his way Tuesday night and into Wednesday morning. Trump had been declared the winner of the critical battleground state of Pennsylvania. few hours earlier.

Trump will become the second person in American history to serve as president across two non-consecutive terms, as both the 45th and 47th presidents, joining Grover Cleveland. His election means a return to many of the policies and politics of his first term before Trump lost the 2020 election to Joe Biden.

A second Trump presidency is expected to benefit oil and gas stocks, as well as cryptocurrency, defense, and bank stocks, though his tariffs may shave off some of the benefits his administration brings. Private prison operators would also benefit from his deportation program.

But economic analyses have shown that his proposals could negatively impact the economy, including hastening Social Security’s insolvency, increasing unemployment, raising inflation, lowering GDP, massively adding to the federal debt, and boosting tax rates for the vast majority of Americans.

Shares of Trump Media, the company behind his social media platform Truth Social, also soared 37% in pre-market trading Wednesday, set to open at about $46 apiece. DJT stock had become something of a proxy for his election odds, and a way for fans to buy into his brand.