Stocks roared out of the gate Wednesday morning following news that former President Trump has secured a second term in the White House and Republicans won a majority in the Senate.

The Dow Jones Industrial Average rose 1,341 points, or about 3.1 percent, as the market opened, reaching a record high. It was the first time it has jumped more than 1,000 points in a single day since November 2022.

The S&P 500 also gained 1.9 percent, and the Nasdaq climbed 1.8 percent.

Despite concern from big business about Trump’s plan to impose blanket tariffs on imports to the U.S., Wall Street is anticipating tax cuts and deregulation during a second Trump presidency.

During his first term, Trump’s signature 2017 tax plan slashed the corporate tax rate to 21 percent. He floated further cuts to the corporate tax rate during a Business Roundtable event........

© The Hill