The Dow surges to biggest gain in two years, with bond yields and bitcoin also posting sharp climbs
4 minDonald Trump ’s election victory powered the Dow Jones Industrial Average to its biggest gain in two years, with a broad market rally lifting shares of banks, industrial companies and small-cap firms that are expected to benefit from continued economic expansion.
The gains were widely distributed as Wall Street bet that Trump’s promises of deregulation and tax cuts will further ignite an economy that already has posted strong gains in recent years. But sectors that were expected to benefit from Democratic policies, such as electric-vehicle companies and clean-energy related industries, declined sharply.
The promise of four years of Republican rule drove the latest rise in Treasury yields, reflecting expectations of stronger growth and inflation, while gold prices fell as fears that the election results would be contested and spark social unrest weren’t realised.
“The markets are now trading full-on Trump trade,” said Stephen Dainton, a senior executive at Barclays who oversees the lender’s investment bank including its large trading division.
Big winners included banks, which investors bet were poised to benefit from reduced regulation and a fresh acceleration in growth. Shares of JPMorgan Chase , the nation’s largest lender, climbed 11% to a new record. Wells Fargo and Goldman Sachs both rose more than 12%.
The prospect of lighter regulation and protective tariffs helped drive gains in industrials, with equipment maker Caterpillar rising more than 8% to a new all-time high and 3M adding 5%. Domestic steelmakers Nucor and Steel Dynamics gained 16% and 13%, respectively. Railroads, including Norfolk Southern and CSX , surged.
Bitcoin rose as much as 9% and flirted with $75,000, topping a previous record from March. Trump has said that he wants to make the U.S. the “crypto capital of the planet” and has pledged to create a “strategic bitcoin reserve.”
At the same time, traders also sought out companies and assets they expect to suffer during a second Trump administration.
Fears of trade wars drove down shares of ocean freight firms, including Denmark’s A.P. Moller-Maersk and Germany’s Hapag-Lloyd . Copper prices had their worst day in more than two years, dropping 5.1% as metals traders in New York reconsidered demand forecasts that hinge on the Chinese economy and the clean-energy boom.
Investors’ belief that Trump may break with the Biden administration’s push into renewable energy and electric vehicles hit companies as far away as South Korea. LG Energy Solution fell roughly 7%, as did other local EV battery makers, and Hanwha Solutions, which makes solar panels, dropped by more than 8%. In the U.S., First Solar fell 11% while Enphase Energy lost 17%.
Shares of Tesla , the electric-vehicle maker helmed by Trump ally and donor Elon Musk , bucked the trend, climbing 15%.
Investors sold bonds, driving yields higher and widening the gap between yields on ordinary Treasurys and those on inflation-protected Treasurys. That is a sign they think that the policies of a second Trump term could put upward pressure on inflation.
Many investors also believe that Trump’s tax-cut-heavy policies will add to the deficit, with the threat of a larger supply of Treasurys helping push down bond prices. The yield on the 10-year Treasury topped 4.4% for the first time since July.
That hit firms and investments that are sensitive to higher bond yields. The S&P 500’s consumer-staples sector declined 1.7% and the utilities segment lost 0.6% The real-estate sector sank 3.4%. The country’s largest home builder, D.R. Horton , dropped nearly 5% and Zillow Group fell about 7%.
Surging yields intensified a climb in the U.S. dollar, which was also boosted by the prospect of rising tariffs. Economists say tariffs can lift the U.S. currency by hurting the economies of foreign countries and discouraging Americans from spending on imported goods.
The WSJ Dollar Index, which measures the U.S. dollar against a basket of 16 currencies, rose around 1.3%. The Mexican peso lost as much as 3.4% against the dollar to its lowest level since August 2022, according to Dow Jones Market Data, before recovering. Trump recently said he could impose 200% tariffs on vehicles made in the country. The potential for tariffs also drove down the Chinese yuan.
Early wins by Trump in key states assuaged fears that it could take days or weeks for the election to be called. The Cboe Volatility Index—known as the VIX, or the market’s fear gauge—plunged to its lowest level since late September.
The relative calm had investors hoping more gains lie ahead. The S&P 500 had already risen 21% through Election Day, its best performance in a presidential election year since 1936, when Franklin Roosevelt was in office. The Dow Jones Industrial Average was up 12%, its best election-year performance since 1996, when Bill Clinton was in the White House.
“There’s a lot of relief that there’s a clear-cut outcome and that markets can move on to things that are quite frankly more important than who sits in the White House,” said Ross Mayfield, investment strategist at Baird.
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Lamborghini CEO Stephan Winkelmann has made it clear the company, which makes some of the fastest cars in the world, would not speed into the era of electrification.
“Our first steps in that (electrification) direction will be plug-in hybrids throughout the lineup,” he said in a 2022 interview with Penta. “This is all very easily welcomed at Lamborghini. The equations are easy. We always promise more performance than the generation before for all our cars, and we will do so while maintaining sustainability. By 2025, we will be able to cut our overall emissions by 50% with all of the hybrid models added.”
Proving Lamborghini and Winkelmann are as good as their collective word, the time of watts and volts arrived in Bologna, Italy, with the debut of the 2025 Lamborghini Urus SE. The first hybrid super-SUV from the proud Italian firm, which starts at $275,000 marries the familiar internal combustion specs of its growling engines with battery power looking not so much to save the planet as to propel vehicles across it with more alacrity.
The Urus SE is the first hybrid plug-in version of Lamborghini’s SUV, and it’s aimed to outperform its all-internal combustion rivals, such as the Aston Martin DBX707 and the Bentley Bentayga. The PHEV (Plug-in Hybrid Electric Vehicle) Urus SE relies on an 800 CV hybrid powertrain, surpassing any previous Lamborghini SUV model in torque and power numbers.
The machine’s twin-turbo 4.0-litre V-8 engine is reengineered and partnered with an electric powertrain to produce 620 CV. For the uninitiated, CV is the abbreviation of Chevaux-Vapeur and is similar to horsepower. Usually, HP converts to just a little less than CV—at least allowing the automotive enthusiasts from the U.S. and Europe to get a traditional sense of vehicle power for gas-powered or hybrid vehicles without needing a conversion calculator.
To make a long engineering story as quick as the Urus SE, if you add together the internal contrition power plant and the e-motor, the final output is 800 CV. The result is a Lamborghini that cuts its emissions by 80% without sacrificing performance, comfort, or driving excitement.
The thinking process on when and how to release this plug-in hybrid began before the company’s 2021 pledge to cut CO2 emissions, says Stefano Cossalter, the Urus model line director.
“This plan gave momentum to a profound and constant research of opportunities and challenges involved in the transition to electrification,” Cossalter says. “The plan started in 2023 with the launch of the Revuelto [sold out into 2026], our first HPEV (high performance electrified vehicle), and continues with the launch of the hybrid version of our Super SUV Urus SE.”
Cossalter lays out that the slow and steady march to electrification will continue next year with the release of the Temerario, described by Lamborghini as the successor to the popular Huracan and “the first super sports car in the history of the … brand to be equipped with a V-8 twin-turbo engine paired with three electric motors.” Then, the automaker will look to the horizon for its introduction of the Lanzador, the company’s first BEV (battery electric vehicle) in 2028.
The hybrid version offers improved performance over the 100% gas Urus. A magnet synchronous electric motor located inside the SE’s eight-speed automatic transmission tied into the four-wheel-drive system can boost the V-8 engine, offering additional acceleration. Meanwhile, that motor can provide enough power to transform the Urus SE into a totally electric vehicle with a range of about 35 miles in EV mode.
With the new drive system noted, Lamborghini’s engineers could turn to performance specs. They built in a new, centrally located longitudinal electric torque vectoring system with an electro-hydraulic multi-plate clutch. That’s a lot of fancy tech talk to say the vehicle can throw power and grip back and forth between the front and rear axles wherever the onboard system senses it’s needed. A new electronic limited-slip differential on the rear axle helps give the Urus SE oversteering when needed. The end result is an SUV that packs the feel of a Huracan on the road.
That supercar feel in an SUV is the experience Lamborghini refuses to abandon in the Urus SE, Cossalter says.
“We didn’t come to compromises in the hybridisation process,” he says. “We wanted the Urus SE to preserve the DNA of the original project and enhance the experience for the driver. For those reasons, we decided not to downsize. We kept a V-8 engine with its strong character and voice, and then added some spice to the dynamic behavior by changing the all-wheel-drive architecture. The result is we have more power, more torque, more speed, more fun.”
As for external styling on the Urus, Lamborghini takes after its competition at Aston Martin or Ferrari by trying to make an SUV that looks as little like an SUV as possible. The profile is lowered, and the lines sweeping and tapering from nose to tail, as though Lambo’s in-house designers want to hide the size and functionality of an SUV inside the shape of the familiar Lamborghini supercars of the past.
However, driving the Urus does not feel much like a traditional Lamborghini supercar simply because the driving position is higher and more upright compared to, say, an Avantador that puts the driver’s backside close to pavement. Regardless of where one sits, the acceleration, noise, and tight handling lives in a Urus as happily as it does in any other Lambo.
As its first volume consumer step into the hybrid world, the Urus SE tells Italian supercar enthusiasts to keep the faith.
“The Urus SE points to the future with electrification while keeping its heritage intact,” Cossalter says.
