NEW YORK – U.S. stocks hit record highs on Nov. 6 after Republican Donald Trump won the 2024 U.S. presidential election in a stunning comeback four years after being locked out of the White House.

The Dow Industrials, S&P 500 and Nasdaq Composite all hit record highs as investors expect lower taxes, deregulation and a U.S. president who isn’t shy about weighing in on everything from the stock market to the dollar, although new tariffs could pose challenges in the form of a higher deficit and inflation.

The victory of the Republicans fueled a rally in so-called “Trump trades,” sending U.S. Treasury yields sharply higher. Bitcoin hit an all-time high of over US$75,000 and the dollar was on track for its biggest one-day percentage gain since September 2022.

Polls indicated a very close race, with some concerns that the process could drag on before a winner is declared.

“The fact that we got a clear result, that there won’t be any complicated challenges or lawsuits or anything else, is a relief for the markets,” Ross said. Mayfield, an investment strategy analyst at Baird in Louisville, Kentucky.

“So this is a little bit of intensifying the classic Trump trade that we also saw in 2016.”

The Dow Jones Industrial Average rose 1,450.11 points, or 3.43 percent, to 43,671.12, the S&P 500 advanced 138.27 points, or 2.39 percent, to 5,920.87 and the Nasdaq Composite gained 514.26 points, or 2.78 percent, to 18,953.43.

The Dow and S&P 500 were on track for their biggest one-day percentage gain since November 2022, with the Nasdaq poised for its biggest daily gain since August.

Financial services, up nearly 6 percent, were the best performers of the S&P 500’s 11 major sectors. Banks, which stand to benefit from easing regulations under Trump, fueled the gains, the banking index S&P 500 rose about 10 percent, its biggest daily gain in two years.