Stocks, bond yields and bitcoin surge as Trump closes in on U.S. election victory

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Share prices, bond yields and bitcoin surged Wednesday as the Republican party gained control of the Senate and former President Donald Trump closed in on the 270 electoral votes needed to return him to the White House.

An employee walks past the screens showing ongoing U.S. presidential election results, left, and a foreign exchange rate between the U.S. dollar and the Japanese yen, at a foreign exchange dealing company Wednesday, Nov. 6, 2024, in Tokyo.HONG KONG --

Ahead of U.S. markets opening Wednesday, the future for the S&P 500 gained 1.23% and the future for the Dow Jones Industrial Average was up 1.02%. The Nasdaq composite future was 1.43% higher. In early European trading, Germany’s DAX climbed 1.3% to 19,503.40, while the CAC 40 in Paris advanced 1.9% to 7,550.36. Britain’s FTSE 100 was up 1.4% at 8,285.06.

Since 1945, the S&P 500 has risen in 73% of the years where a Democrat was president and 70% of the years when a Republican was the nation’s chief executive, according to Sam Stovall, chief investment strategist at CFRA.

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