Stock Futures, Bitcoin and Dollar Rise as Trump Poised to Win

CNN New York —

U.S. stock futures rose early Wednesday and bitcoin surged as Donald Trump cruised to victories in the battleground states of Pennsylvania, Georgia and North Carolina, narrowing possible paths to victory. victory of Kamala Harris.

Dow Jones futures rose 2.84%, while the S&P 500 rose 2.2%. The US dollar index reached its highest level since July.

Cryptocurrencies, seen as part of the so-called Trump trade, also surged. Bitcoin surpassed $75,000, hitting an all-time high early Wednesday morning. It surpassed its previous all-time high of $74,000 on Tuesday evening. Trump has expressed support for cryptocurrencies in the past.

Dogecoin, the volatile cryptocurrency championed by prominent Trump backer Elon Musk, rose 25% on Wednesday from Tuesday's closing level, although those gains have since been pared to 16%. The cryptocurrency has jumped nearly 31% since the start of the week.

The Dow Jones closed 425 points higher on Tuesday, up 1%, the S&P 500 gained 1.2% and the tech-heavy Nasdaq climbed 1.4%, underscoring optimism among investors while Americans were voting.

Historically, stocks have often risen on Election Day. This marks the sixth straight Election Day gain for the S&P 500 and Nasdaq.

Mark Haefele, chief investment officer of the wealth management unit at UBS, noted that S&P 500 and Russell 2000 index futures for smaller U.S. listed companies were rising, likely in anticipation of stronger domestic growth, increased activity (mergers and acquisitions), an extension of personal tax cuts and hopes of lower corporate taxes following Trump's victory.

The prospect of a clear election result could also push futures higher, given reduced uncertainty about the future, he wrote in a note.

At the same time, Mohit Kumar, an economist at Jefferies, said financial firms and small businesses were likely to drive further gains in U.S. stocks.

We also expect US stocks to continue to outperform European and global indices, he added in a note.

The Stoxx Europe 600 index, the region's benchmark, is up 1.3%. Germany's DAX and France's CAC rose 0.8% and 1.4% respectively, while London's FTSE 100 traded 1.3% higher on the day.

U.S. stocks have consistently risen in the months following the election, regardless of the outcome. Most stock price movements over time are driven by earnings, inflation and interest rates, said Adam Turnquist, chief technical strategist at LPL Financial. Politics is certainly important, especially tax and trade policy, but not as much as some might think.

Traders are preparing for an eventful week. Just two days after Election Day, the Federal Reserve will announce its latest interest rate decision, the first since it cut rates by half a point. The Fed's announcement comes amid new data showing signs of a cooling in the U.S. labor market, adding another layer to an already busy week for markets.

Anna Cooban and Olesya Dmitracova in London contributed reporting.

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