Nov. 6 (UPI) — U.S. stock futures and shares of Tesla and Trump Media and Technology surged in early trading Wednesday on the news that former President Donald Trump will win a new term in the White House.
Dow Jones Industrial Average futures skyrocketed 1,346 points, or 3.2%, S&P 500 futures rose 2.3% and Nasdaq futures gained 1.7%.
Shares of Tesla, owned by Trump backer Elon Musk, rose 14.5% in premarket trading overnight. Shares for Trump Media leaped 34% in premarket trading Wednesday as Trump declared victory in the election.
Elon Musk and his America PAC were all in for Trump during the election. In the closing weeks of the campaign, America PAC and Musk gave away $1 million a day for registered voters in battleground states who signed a pledge to support the Constitution.
Trump has said he will give Musk a role in cutting government spending in his administration.
Shares of Trump Media shares rose 37% in premarket trading after rising 15% on Tuesday afternoon in anticipation of Election Day.
Bitcoin, which is believed to benefit from Trump’s return to office, increased to a record high of $75,000, its highest level in July. The 10-year Treasury yield also surged 4.43%.
“It looks like a Trump presidential win but also a win for Republicans in House and Senate,” Mark Mobius, chair of the Mobius Emerging Opportunities Fund, told CNBC. “If that happens, you’re going to see the U.S. economy really take off.”
