Markets blast off on Trump victory, also spurs crypto 'frenzy' including Musk's favorite

It's morning in America again for the stock market in the wake of Donald Trump's second election, with the Dow Jones Industrial Average jumping more than 1,200 points or 3%, the benchmark S&P 500 up 1.9% and tech-dominated Nasdaq Composite up 1.8%, Yahoo Finance reports.

The S&P Regional Banking exchange-traded fund also rose nearly 10% and small-cap Russell 2000 jumped 4.2% at the market open. The 10-year Treasury note rose 17 basis points to trade around 4.46%.

A 14% jump for Elon Musk's Tesla wasn't the only good news for the Trump surrogate and megadonor. His favorite cryptocurrency, dogecoin, "rocketed as much as 18%," the Associated Press reports on the "crypto frenzy" Trump's election spurred.

Bitcoin set a new record in early trading, jumping 8% to cross $75,000 per coin and rising 77% this year, while the second-most popular cryptocurrency, ether, also rose 8%.

Trump's pledge to make the U.S. "the crypto capital of the planet" and create a "strategic reserve" of bitcoin, and his campaign's acceptance of crypto donations and courting of bitcoin conference attendees, make him popular in the community, and he launched a crypto trade family venture called World Liberty Financial this year.

Russ Mould, investment director at a British online investment platform, told AP the question is now "when, not if, [bitcoin] will smash through $100,000."