Big Banks, Credit Card Shares Jump After Trump Win

Financial stocks rose Wednesday after former President Donald Trump won the 2024 U.S. presidential race over Vice President Kamala Harris.

Shares of JPMorgan Chase (JPM) were up more than 8% in early trading . Meanwhile, Goldman Sachs (GS) surged more than 9% and Bank of America (BAC) surged more than 7%. An index of big-bank shares was up some 8%, while one of regional bank stocks rose even more as investors anticipated an environment friendlier to banks and dealmakers.

The S&P 500’s financials sector was also helped by credit-card companies, with Discover (DIS), Capital One (COF) and Synchrony (SYF) rising 14% or more.

The moves came as the Dow, Nasdaq and S&P 500 all posted substantial morning gains. Prices for cryptocurrencies flew higher, with bitcoin and ether jumping. Trump, seen as a strong supporter of digital currencies, in August said he wanted to make America “the crypto capital of the planet.”

Here’s Investopedia’s take on what a Trump win means for the U.S. economy.

Update: This article has been updated to add more details and reflect new share-price information.