Donald Trump's election victory boosts stocks, cryptocurrencies and Trump Media

Donald Trump's predicted victory The elections give stocks a new boost.

Dow futures rose nearly 1,400 points, or 3.2%, taking the blue-chip market to a record level before trading began on Wednesday. S&P 500 futures rose more than 2%, while the tech-heavy Nasdaq Composite was also expected to open strong.

Cryptocurrency is also booming as investors bet that the second Trump administration will benefit the volatile sector. Bitcoin prices rose nearly 8% in early trading to a record $75,345.00 before falling to around $73,500.

The former president, who was once critical of digital currencies, promised during his election campaign against Vice President Kamala Harris to make the US the “crypto capital of the planet” and create a “strategic Bitcoin reserve”.

“Bitcoin is the one asset that was always going to rise if Trump returned to the White House,” said Russ Mold, investment director at AJ Bell, a British online investment platform.

“Trump has already declared his love for digital currency and crypto traders now have a new narrative to get even more excited about where the price could go,” he added.

The Republican Party's electoral success on Tuesday, which included victory Control of the Senatealso benefits Trump's personal finances by driving up the stock price of Trump Media & Technology Group. Shares of the company, which owns the social network Truth Social and in which Trump owns a stake worth more than $5 billion, rose nearly 38% to $46.80 before the market opened.

Even as markets have hit new highs this year, Wall Street analysts warn that some of Trump's key policy proposals could reignite U.S. inflation, dampen economic growth and drive up the country's debt.

The Federal Reserve will release its latest economic data on Thursday, with Wall Street analysts expecting its interest rates to be cut Reference interest rate by a quarter of a percentage point. The Fed cut borrowing costs in September 0.50 percentage pointsthe first cut since 2020.

contributed to this report.