FILE - An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, on Feb. 17, 2022. Bitcoin briefly hit an all-time high Tuesday, March 5, 2024, with the world's largest cryptocurrency surpassing $68,800, according to CoinMarketCap. (AP Photo/Kin Cheung, File)NEW YORK (AP) — The U.S. stock market, Elon Musk’s Tesla, banks and bitcoin are storming higher as investors bet on what Donald Trump’s return to the White House will mean for the economy and world.
Among the losers the market sees on Wednesday: solar energy companies and potentially anyone worried about higher inflation.
The S&P 500 rose 2.2% and was on track to top its all-time high set last month.
The Dow Jones Industrial Average jumped 1,382 points, or 3.3%, and the Nasdaq composite rose 2.5%.
Investors expect Trump’s victory to lead to faster economic growth and more market-friendly policies.