Inflation cools
People walk by the New York Stock Exchange on Wall Street in August. Spencer Platt/Getty Images

U.S. stock markets made sharp gains after their opening on Wednesday after Donald Trump was elected president in the 2024 election.

The Dow Jones Industrial Average was up more than 2.75% more than 1,100 points in early trading.

The tech-heavy NASDAQ was up more than 1.5% with a 300-point gain.

The wider stock basket of the S&P was up more than 2%, up more than 115 points.

All three indexes were at record highs.

Bitcoin was also at nearly a record high as Trump is expected to be much friendlier to the crypto markets than a Kamala Harris administration would be.

The race was called for Trump early on Wednesday after it became apparent Harris didn't have a chance to secure enough electoral college votes to win.

The rapid increase in inflation under the Biden administration weighed heavily on voters, according to exit polls.

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