Wall Street welcomed news of former President Donald Trump’s imminent return to the White House — with all three major benchmarks soaring to record highs Wednesday.

The Dow jumped 1,508 points — the first time it spiked more than 1,000 points in a trading day in two years — to close at an all-time best 43,729. The Nasdaq rose 544 points, to 18,983, and the S&P 500 increased 146 points, to 5,929.

“Investors were kind of portfolio jockeying to score up some of their risk exposure in anticipation of an outcome that was going into it, seemingly a toss-up,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

“And obviously, it turned very quickly and led to a very much risk-on day today in which anything that isn’t tied to the ground from a cyclical or pro-growth standpoint is absolutely launching.”

The market rally was fueled by industries that are likely to be the biggest beneficiaries of a second Trump term, which is expected to loosen regulations while aiming to lower taxes.

Among the biggest winners was Tesla CEO Elon Musk, whose support for Trump paid immediate dividends.

Shares of Tesla spiked nearly 15%, while rival US electric vehicle companies Rivian plunged 8% and Nikola retreated 3%.

Trump has pledged to ramp up tariffs on imports – which would benefit Musk and Tesla, according to analysts at Wedbush.

“Tesla has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players from flooding the US market over the coming years,” the agency said in an industry note.

The media company behind Trump’s social media platform Truth Social also got a bump, increasing 6%, to $35.96 — despite reporting a net loss of $19.2 million in the third quarter on Tuesday.

Bank stocks saw robust gains, with Wells Fargo spiking 13% and JPMorgan Chase — the nation’s largest lender — surging 11.5%.

Cryptocurrency also boomed on Trump’s embrace of the industry. The price of bitcoin jumped nearly 10% to a record $75,903 at the closing bell. 

Shares of crypto trading platform Coinbase zoomed 31% and trading app Robinhood was nearly 20% higher.

Trump also campaigned on a pledge to institute tougher punishments against criminals, which could mean a potential windfall for private prison companies.

Geo Group, the private prisons contractor, increased 42%.

The rate-sensitive real estate and utilities sectors were among the day’s few decliners as investors assessed the chances of Trump’s policies boosting inflation and altering the Federal Reserve’s path of interest rates, which has been a key component of Wall Street’s recent rally.

The central bank is widely expected to ease the benchmark interest rate by 25 basis points at its policy-setting meeting ending on Thursday.

However, traders have begun to trim bets for a cut in December and the number of reductions expected next year, according to CME’s FedWatch Tool.

The impact of Trump’s policies could play out over years, some analysts cautioned, and it is unclear how fully he will follow through with his pledges.

“The delay in the inflationary implications from tariffs and expansionary fiscal policy allows the Fed to continue to cut interest rates into 2026, as the central bank still needs to recalibrate monetary policy to be less restrictive,” Oxford Economics’ analysts wrote, sticking to their view that the Fed will bring its policy rate down close to 3% by mid-2026.

With Post wires