"The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook," Peter Esho of Esho Capital said in a commentary.
Investors already were repositioning in anticipation of sweeping gains by the Republicans, who took control of the Senate for the first time in four years.
Trump won the battleground state of Georgia, a Republican stronghold that had voted for Democrats in 2020. A win in North Carolina helped Trump narrow Vice President Kamala Harris' pathways to victory.
The expectation is that a victory by Trump will lead to faster economic growth and more market-friendly policies.
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