Wall Street seems to welcome President-elect Donald Trump’s return to the White House.
The Dow jumped nearly 1,300 points after the market opened on November 6, the day after Election Day, to climb its highest figure yet, 43,499.
After the opening bell, the Nasdaq rose 425 points, claiming 18,860 points. Contemporaneously, the S&P 500 increased 103 points, hitting 5,887.
The market rally signals an increase in confidence in the government’s future actions.
Trump has previously promised a variety of tax cuts, such as “no tax on tips” and a tariff regime which he believes will rebuild the nation’s industrial base and repel countries commonly identified as trade predators, such as China.
Aside from incoming policy, the relatively smooth and decisive election result apparently built confidence.
“There was relief that there was a quick and undisputed election result,” said David Morrison, senior market analyst at Trade Nation, per USA Today.
Cryptocurrencies also signaled excitement at the Trump victory.
Bitcoin jumped almost 8% to a record $75,345 before coming down slightly. Coinbase, a crypto trading platform, saw its stock increase by about 12%.
However, cryptocurrency organizations did not see total victory.
Massachusetts Sen. Elizabeth Warren, a Democrat perceived as an enemy by many big tech companies and crypto firms, was re-elected.
