Stocks rallied with major benchmarks hitting record highs as Donald Trump won the 2024 presidential election.

The Dow Jones Industrial Average soared 3.4% to a record, with the S&P 500 climbing 2.4% to reach an all-time high. The Nasdaq Composite also reached a peak, up 2.7%.

The Russell 2000 small-cap benchmark jumped 5.4% as investors figured smaller, more domestically focused and cyclical companies would see gains from Trump’s tax cuts and protectionist policies.

Bitcoin, which could benefit from relaxed regulation, also soared to an all-time high of $75,000.

S&P 500 big stock movers today

Five S&P 500 stocks making big midday moves are:

• Discover Financial Services  (DFS)  +18.6%

• Synchrony Financial  (SYF)  +18.5%

• Nucor (NUE)  +16.5%

• Trimble  (TRMB)  +15.1%

• Tesla  (TSLA)  +14.8%

The worst-performing five S&P 500 stocks with the largest midday drop are:

• Super Micro Computer  (SMCI)  -22.8%

• Enphase Energy  (ENPH)  -16.7%

• First Solar  (FSLR)  -11.1%

• International Flavors & Fragrances  (IFF)  -10.8%

• Iron Mountain  (IRM)  -10%

Stocks also worth noting include:

• Nvidia  (NVDA)  +4.4%

• Apple  (AAPL)  +0.3%

• CVS Health  (CVS)  +12.1%

• Palantir  (PLTR)  +6.0%

• Trump Media  (DJT)  +3.8%

CVS surges after mixed earnings

CVS gained 12% after the company reported mixed third-quarter results as high medical costs continued to weigh on profit.

The company earned $1.09 per share adjusted, missing analysts’ forecast of $1.51. Revenue of $95.43 billion surpassed the consensus estimate of $92.75 billion.

CVS Health also revised its profit forecast downward for the year to a range of $6.40 to $6.65 per share and announced a plan to cut $2 billion in costs over the coming years.

Related: CVS Health stock crushed as Medicare Advantage hit triggers big changes

CVS’s insurance unit is facing pressure. The segment reported a $924 million adjusted operating loss as revenue rose 25% from a year earlier to $33 billion.

Its medical benefit ratio rose to 95.2% from 85.7%, indicating higher medical expenses relative to premiums, which pressures profitability.

The stock is down 22% year-to-date.

Tesla rallies after Trump wins election

Tesla shares surged 15% after Donald Trump’s election win, with investors speculating the victory could benefit CEO Elon Musk.

Musk has donated $75 million to the American PAC, which supports Trump. In October, he claimed that he could cut at least $2 trillion from the federal budget, laying out his vision for substantial government spending cuts if Trump won the presidency.