U.S. stocks soared Wednesday in the wake of Donald Trump’s sweeping election victory Tuesday.
No one saw a bigger advantage to the outcome than Elon Musk, owner of Tesla and a big Trump supporter.
Shares of Tesla were up by more than 25 percent in early morning trading even as other green energy stocks sank under the weight of Trump’s well-known bashing of climate change policies.
Some of the biggest winners were banking firms and oil companies. Trump’s company that runs his social media platform took off, as did bitcoin, thanks to Trump’s remarks that he would make the U.S. the dominant crypto market in the world.
Trump has promised not only to extend expiring provisions in his massive tax cuts in 2017, passed during his first term, but to drive the corporate tax rate down even further.
Stock markets in Europe and some Asian countries, particularly China, were down Wednesday.
