Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story  Trump victory sends stocks, crypto soaring Stocks skyrocketed Wednesday after former President Trump secured a second term in the White House and Republicans won a majority in the Senate. © Michael M. Santiago/Getty Images The Dow Jones Industrial Average had jumped 1,508 points, or about 3.6 percent, when markets closed, reaching a record high. It also was the first time it has jumped more than 1,000 points in a single day since November 2022. The S&P 500 also gained 2.5 percent, and the Nasdaq climbed nearly 3 percent. While big business has expressed concern with some of Trump’s plan, like his pitch to impose blanket tariffs on U.S. imports, Wall Street is anticipating tax cuts and deregulation during a second Trump presidency. "A lot of our clients feel burdened by the Biden regulatory agenda, and Trump's first term saw very meaningful regulatory reform," Will Moschella, co-chair of the government relations department at the legal and lobbying giant Brownstein Hyatt Farber Schreck. During his first term, the corporate tax rate was slashed to 21 percent in Trump's signature 2017 tax reform bill. He floated further rate cuts in June during a Business Roundtable event with some of the country’s most powerful executives. The Senate has also flipped to Republican control, making it more likely that Trump will be able to implement his vision in 2025, when many of the existing provisions are set to expire. “Winning the Senate could have significant implications for parts of the Trump agenda, especially extending expiring tax cuts, because Senate Republicans could use the reconciliation process to circumvent the Senate’s filibuster. But that’s only relevant if Republicans keep the House,” said Brian Gardner, chief Washington policy strategist at investment bank Stifel. Several House races have yet to be called, and a majority has not been determined as of market close. Experts say it could take several days to determine which party will control the House. The definitive early call in the presidential race was also a relief for investors, who waited days in 2020 for the race to be called. “The fact that we know the outcome of the race will be welcome by investors since the country will not have to endure a repeat of the 2020 process.  We expect the equity markets will see a Trump win as pro-economic growth and will rally on the news,” Gardner said.   Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here. Essential Reads  Key business and economic news with implications this week and beyond:   Trump tops list of crypto election victories The cryptocurrency world is celebrating a successful operation to oust its critics and usher in a new cohort of allies up and down the ballot just two years after several scandals roiled the industry’s status in Washington.  Full Story   Supreme Court hears Facebook’s bid to block Cambridge Analytica shareholder suit The Supreme Court considered Wednesday a bid from Facebook to block a shareholder lawsuit over the Cambridge Analytica data scandal from moving forward.   Full Story   Lobbying World: Treasury appointee joins Cornerstone Ron Storhaug is joining Cornerstone Government Affairs’s federal government relations team ahead of the 2025 tax fight. Storhaug was previously deputy assistant secretary for tax and budget at the Treasury Department’s Office of Legislative Affairs and was previously the senior economic policy adviser for Sen. Tim Kaine (D-Va.).  Full Story The Ticker  Upcoming news themes and events we're watching: The Federal Reserve is expected to announce a second round of interest rate cuts on Thursday at 2 p.m. In Other News  Branch out with more stories from the day: Stocks and bitcoin jump after Trump’s victory. So do worries about inflation as Dow surges 1,500 NEW YORK (AP) — The U.S. stock market, Elon Musk’s Tesla, banks and bitcoin all stormed higher Wednesday … Full Story Good to Know  Business and economic news we've flagged from other outlets: Dow pops 1,400 points, heads for best day since 2022 after Trump clinches White House (CNBC) Why Trump’s return could spark another bout of inflation and delay interest rate cuts (CNN) US Supreme Court mulls Facebook bid to escape securities fraud suit (Reuters) What Others are Reading  Top stories on The Hill right now: Election 2024 live updates: Harris delivers concession speech after loss to Trump Vice President Harris conceded the election Wednesday afternoon at the site that Democrats hoped would host a victory party on Election Day. Read more 5 takeaways as Trump wins White House for a second time Former President Trump completed an extraordinary comeback early Wednesday morning, becoming the first president to win nonconsecutive terms in more than a century by defeating Vice President Harris in an unprecedented battle for the White House. Read more What People Think  Opinions related to business and economic issues submitted to The Hill: The Fed’s ‘temporary’ mortgage-backed security experiment will last decades ‘Positive’ medical debt credit reporting is a Trojan horse You're all caught up. See you tomorrow!