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The stock markets surged on Wednesday morning and closed at record highs in the afternoon, following President-elect Donald Trump’s victory on Tuesday night.

Trump was elected to a second term this week, defeating Vice President Kamala Harris. Trump’s victory makes him the second president to win two non-consecutive terms. The first was Grover Cleveland, who was the 22nd and 24th president. 

The Dow rose by 1,507 points, or 3.57% on Wednesday, marking the first time it has jumped over 1,000 points in a single day since November 2022, according to CNN. It also closed at a record high.

The Nasdaq and S&P 500 also ended the day at record highs, with the S&P growing by 2.5%, and the Nasdaq gaining nearly 3%, the outlet reported.

Stocks in other major companies also surged. Companies like Bitcoin, Truth Social, and Elon Musk’s Tesla all saw increases on Wednesday.

The surge in Bitcoin is partly attributed to Trump’s pledge to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign has also accepted crypto donations, which makes him popular in the community, and he launched a crypto trade family venture called World Liberty Financial this year.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.