Stock market euphoric over Trump win

• Markets celebrated Donald Trump's election victory on Wednesday.
• The Dow soared by more than 1,400 points. Bank stocks, tech shares and bitcoin rallied in the session.

US stocks embarked on a major rally on Wednesday as traders took in Donald Trump's election win.

Major indexes soared to fresh records, with the Dow Jones Industrial Average climbing more than 1,500 points during the session.

Bond yields surged as investors eyed the potential for inflation and interest rates to rise again in another Trump term. The yield on the 10-year US Treasury spiked 14 basis points to 4.431%.

Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:

• S&P 500: 5,929.05, up 2.53%
• Dow Jones Industrial Average: 43,729.93, up 3.57% (+ 1,508.05 points)
• Nasdaq composite: 18,983.46, up 2.95%

Traders piled into assets they see benefitting under a Trump presidency, with markets eyeing an agenda of deregulation and lower taxes benefiting US corporations.

Bank stocks soared during the day, with Bank of America and Citigroup more than 8%, JPMorgan up 11%, and shares of Wells Fargo and Goldman Sachs each up 13%.

Tesla climbed almost 15% to trade at its highest level in over two years. Investors see Elon Musk and his companies among the election winners after the CEO strongly backed Trump during his campaign.

Bitcoin jumped to a fresh record high, climbing above $75,000 for the first time ever. Investors see Trump as the first "crypt president"," hoping that his term will boost digital assets after he courted the market during his campaign.

Wall Street will focus on the Fed's policy meeting on Thursday. Central bankers are expected to cut rates another 25 basis points on Thursday, followed by another quarter-point cut in December. However, rate cut expectations are starting to ease as investors consider potentially higher inflation under another Trump term.

"As a result, the Fed rate cut on Thursday may be the last cut, since the Fed does not like to fight market rates," Louis Navellier, the chief investment officer of Navellier & Associates, said in a note on Wednesday, pointing to higher Treasury yields.

"As we move into 2025, we believe it's possible that we only see two or three cuts for the year depending on the mix of policy and growth that plays out," Yung-Yu Ma, the CIO of BMO Wealth Management, added.

Here's what else is going on:

• Nvidia stock hit a record high, solidifying its position as the world's most valuable company.
• The polymarket whale that bet big on Donald Trump's victory banked $48 million on Wednesday.
• There are three post-election reasons why stocks are bound to rise through the end of the year, according to Goldman Sachs.
• Ukraine bonds jumped after Trump's win amid his vows to help end the war in Ukraine.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil dipped slightly to $71.89 a barrel. Brent crude, the international benchmark, edged lower by 0.5% to $75.14 a barrel.
• Gold slumped 2.85% to $2,665.64 an ounce.
• The 10-year Treasury yield climbed 13 basis points to 4.426%.
• Bitcoin rose 9.31% to $75,742.