The stock market hit an all-time high after President Trump was announced as the winner of the 2024 presidential election.

At the opening bell, the Dow Jones Industrial Average soared over 1,000 points on Wednesday morning.

The S&P 500 and Nasdaq Composite also saw respectable gains of over 2%.

Fox News reported that all three markets’ averages are on pace to make a record.

During his victory speech, Trump told Americans, “We’re going to pay you back. We are going to do the best job. We’re going to turn it around. It’s got to be turned around.”

BREAKING 🚨 The U.S. stock market has hit an all-time high as investors flood the market on Trumps Victory. pic.twitter.com/wLzsfqtuql

— The Patriot Oasis™ (@ThePatriotOasis) November 6, 2024

BREAKING: Stock market soars to all-time high after President-elect Trump's victory https://t.co/HjwfmM3nN4

— Fox News (@FoxNews) November 6, 2024

Here’s what Fox News reported:

U.S. stocks soared Wednesday as Donald Trump defeated Vice President Kamala Harris in one of the most contentious elections in U.S. history.

The Dow Jones Industrial Average jumped over 1,000 points at the opening bell Wednesday morning, continuing the climb seen in the pre-market session after the president elect took the stage at his headquarters in Florida early morning, thanking his supporters and promising to restore the country.

“We’re going to pay you back. We are going to do the best job. We’re going to turn it around. It’s got to be turned around, and it’s got to be turned around fast. And we’re going to turn it around” said Trump.

The S&P 500 and Nasdaq Composite also saw sizable gains of over 2%. All three of the major market averages are on pace for a record close.

“This is what lower regulation and lower taxes look like” said Great Hill Capital Chairman Thomas Hayes during an appearance on Varney & Co.

Stock market soaring 1,300 points on @realDonaldTrump win.

Any questions who’s considered better for the economy now? pic.twitter.com/bWuojdk6Sd

— 🇺🇸 ERIC BOLLING 🇺🇸 (@ericbolling) November 6, 2024

Per CNN:

US stocks rose sharply Wednesday morning following a decisive and consequential victory for former President Donald Trump in Tuesday’s US presidential election.

The Dow soared 1,309 points, or 3% in morning trading, reaching a new high. This is the first time the Dow has gained more than 1,000 points in a single day since November 2022. If the Dow maintains its implied gains throughout the trading session, it will mark the sixth-best point gain ever for the index — but nowhere close to a record percentage gain.

The S&P 500 and the tech-heavy Nasdaq both rose by 1.9%.

Markets were mostly juiced by the fact that the election was decided relatively quickly. The election — and the widely held belief that Trump and his allies could contest the result in courts — has served as a cloud over the US economy and stock market in recent months. Markets, in particular, crave certainty, and the clear path forward will allow companies to adjust their business and hiring plans.