Wall Street reacts to the election results 🇺🇸

Markets surge as media outlets call the election for Donald Trump 📈

An AI-generated image of Donald Trump at a stock exchange.

[Editor’s Note: This post has been updated to include more expert quotes.]

Markets are surging after major news outlets (AP, CNN, Fox, NBC) called the election for former President Donald Trump.

In early trading on Wednesday, the S&P 500 was up as much as 2.1%. The index crossed 5,900 for the first time ever. Bond yields and the dollar were also up. Gold and crude oil prices fell.

It’s still early in this process. Who knows what the markets will do in the coming days and weeks. But if these gains hold, it would be consistent with the idea that markets were going to surge regardless of the election outcome.

There’ll be much more to be said as the dust settles and we get a better understanding of what the policy landscape will look like in the next four years.

For now, here is some of the early commentary coming from Wall Street: