U.S. stocks had a massive day on Wednesday in the aftermath of the U.S. presidential elections. All three major indexes soared to new records, including a massive jump of more than 1,500 points by Dow Jones Industrial Average.
Dow Jones reached an all-time high of 43,771.06 and closed at a record of 43,729.93 points. It gained 1,508.05 points while its 3.57% jump marked the best day for the blue-chip index, now 15.95% up-year-to-date, since 2022. Banking giants Goldman Sachs and JP Morgan Chase were the index’s biggest gainers, with 13.10% and 11.54% jumps, respectively. Overall, Dow Jones has gained 15.95% o
The S&P 500 climbed above 5,900 for the first time even after gaining 146.28 or 2.53% and closing at 5,929.04 points. Its intraday high came at 5,935.30. Investment bank Wells Fargo (15.09%) led the way for the benchmark index, which is now 25.01% up-year-to-date.
The tech-heavy Nasdaq Composite also notched a fresh new record while approaching the 19,000-point barrier and being 28.56% up-year-to-date. It gained 544.30 or 2.95% on Wednesday to close at 18,983.46. Its biggest gainer was electronic vehicle maker Tesla, with a 12.55% stock jump.
The stock market historically tends to rally after the U.S. presidential elections. However, Wednesday’s surge of US stocks also has some underlying drivers. The new president is believed to be bringing policies that will benefit the financial sector, while a new interest rate cut is an expected outcome of this week’s Federal Reserve meeting.
