Wall Street's momentum kept strong after a stellar midday performance, with markets surging after Republican nominee Donald Trump secured a second presidential term. The Dow closed 1,508 points higher, hitting new record high in its best single-day gain since November 2022. After securing Senate control as well, Republicans are now looking for a sweep by gaining a majority in the House. 

The S&P 500 and Nasdaq both hit record highs as well, while the small cap benchmark Russell 2000 Index (RUT) surged 5.8%, with sentiment improving for small, domestic-oriented and cyclical equities. Meanwhile, the 10-year Treasury yield bounced to around 4.45%.

Oil, Gold Prices Fall After Election Results

Oil prices fell for the session, earlier moving below $70 per barrel. Traders are speculating on the impact that another Trump term will have on black gold, while U.S. data showed a weekly gain in crude supplies. For the session, December-dated West Texas Intermediate (WTI) crude fell 30 cents, or 0.4%, to settle at $71.69 per barrel.

Gold prices also suffered a loss today, despite news first-time precious metals buyers rose last month ahead of the U.S. election. Gold for December delivery fell around $80.80, or 2.9% to settle near $2,668.90 an ounce.

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