12:23 PM EST, 11/06/2024 (MT Newswires) -- US equity indexes hit fresh intraday record highs, government bond yields surged, and the dollar strengthened after Republican presidential nominee Donald Trump beat his Democratic counterpart Kamala Harris in Tuesday's vote.

The Dow Jones Industrial Average soared 3.2% to 43,573.7, with the Nasdaq Composite up 2.4% to 18,879.2 and the S&P 500 rising 2.1% to 5,903.5. Financials, energy, and industrials led the top gainers, while real estate, utilities, and consumer staples were among the decliners.

Trump is the second person to become US president in non-consecutive terms after Grover Cleveland's re-election in 1892. The Republican Party is edging closer toward a clean sweep of Congress following a successful bid to reclaim the Senate.

The US dollar rose against its major trading partners following the electoral results, as reflected in the 1.6% surge in the US Dollar index to 105.12. The move also comes ahead of the Federal Open Market Committee monetary policy announcement on Thursday.

Most US Treasury yields rose, with the 10-year up 16.9 basis points to 4.45% and the two-year rate 8.6 basis points higher at 4.29%.

In economic news, mortgage applications fell by 10.8% in the week ended Nov. 1, driven lower by a further increase in mortgage rates to their highest point since July, according to data released Wednesday by the Mortgage Bankers Association. This decline follows a 0.1% decrease in overall activity in the week ended Oct. 25.

In company news, Super Micro Computer ( SMCI ) shares plunged 22% intraday, the worst performer on the S&P 500 and the Nasdaq, after fiscal Q2 guidance missed analysts' expectations. The company also remains delinquent on its form 10-K filing for the fiscal year ended June 30.

Wedbush said in a note Wednesday that Donald Trump's presidency could boost Big Tech and Tesla (TSLA) by driving major artificial intelligence initiatives, potentially easing regulatory barriers, and giving Tesla a competitive edge if the US government cuts electric vehicle subsidies and raises China tariffs. Shares of Tesla soared 13% intraday, topping the Nasdaq.

West Texas Intermediate crude oil slipped 0.1% to $71.89 a barrel.