Last Updated:November 06, 2024, 21:28 ISTUS Markets Roar Following Trump’s Win: Dow Up 1,300 Points, Tesla Jumps 14%, S&P 500 and Nasdaq Reach Historic PeaksThe Republican’s win powered a rally in Trump trades, as U.S. Treasury yields surged, bitcoin hit a record high and the dollar gained. (Reuters File)US Stock Market Today: US stocks rallied sharply Wednesday in response to Donald Trump’s election victory, with the Dow Jones leaping 1,300 points (3%)—its biggest gain since 2022. The S&P 500 climbed 2%, while the Nasdaq gained 1.8%. Small-cap stocks also saw a strong boost, with the Russell 2000 soaring 4% as investors bet on companies poised to benefit from Trump’s economic policies.Tesla led the surge in tech stocks with a 14% jump, while major banks, including JPMorgan, Bank of America, and Wells Fargo, rose over 6%, boosted by expectations of favorable regulatory changes.Bitcoin reached a new high of $75,000 amid excitement in the cryptocurrency space, and the dollar index strengthened to its highest point since July. Rising inflation expectations sent the 10-year Treasury yield up to 4.43%.Trump Media & Technology Group saw significant gains as well, soaring 24% on investor optimism for Trump’s tech and media ventures.Traders are anticipating a more business-friendly environment, including tax cuts and deregulation, which have historically been favorable for growth stocks and digital assets.Amazon Hits New Record Amid Big Tech SurgeAmazon shares reached an intraday high Wednesday, climbing 1% to $201.45, as investors remain bullish on big tech. The stock has soared 32% year-to-date, outpacing the Nasdaq 100’s 23% gain, fueled by strong earnings and significant momentum in Amazon Web Services, especially in AI. An upbeat holiday quarter forecast has further bolstered investor confidence.Credit Card Stocks Lead S&P 500 GainsCredit card companies led the S&P 500 early in the trading session, with Discover Financial surging 22% and Capital One up 17%, as reported by Bloomberg.Bank Stocks Rally Post-Trump Election WinBank shares gained traction following Donald Trump’s election victory, with JPMorgan Chase, Bank of America, and Wells Fargo all climbing at least 6%. Investors anticipate that the new administration’s policies will be favorable for financial institutions.Health Insurers Surge on Expectations of Favorable PoliciesHealth insurer stocks soared after Trump’s re-election, with expectations for increased Medicare payments and reduced regulations. UnitedHealth rose 6.6%, Humana 9%, and CVS Health 12%, marking its largest intraday gain in 24 years. Trump’s approach is seen as more supportive of private Medicare plans and may reverse Biden-era cuts to reimbursements.Nomura Adjusts Fed Rate Cut Projections Amid Inflation ConcernsNomura economists now expect only one Fed rate cut in 2025, down from a previous forecast of four. They increased their terminal rate forecast by 50 basis points to 3.625%, citing Trump’s proposed tariffs as inflationary, though they foresee a slight drag on growth. Nomura maintains its prediction for two 25-basis-point cuts this year but anticipates the Fed will hold rates steady in the following year until tariff-induced inflation subsides.News business » markets Wall Street Cheers Trump’s Win: Dow Up 1,300 Points, S&P, Nasdaq Hit Record Highs