In German premarket trade on the Lang & Schwarz platform, Tesla stock roared 15% higher. Elon Musk was credited by Donald Trump for his work in Pennsylvania to get the former president re-elected.

Bank stocks, tech shares and bitcoin rallied in the session.Traders will turn their attention to the Fed's interest rate decision on Thursday.US stocks embarked on a major rally on Wednesday as traders took in Donald Trump's election win.

The potential for a Republican sweep in the 2024 elections is driving U.S. stocks to a likely record high at the start of trading Wednesday.

While a path toward the 270 Electoral College votes needed to take the White House remained in reach for both U.S. presidential candidates Tuesday, a rally in Dow futures and selloff in U.S. government debt indicated market participants were prepared for a victory by Republican Donald Trump.

The stock market has been rising since July – the S&P 500 3.3% since July. On Election Day it closed up more than 427 points, ending at 42,221.88. According to CNN.com, since 1944, in 18 of the 20 elections, the incumbent party won if the stock market was going up.

The Dow industrials surged to their biggest gain in two years, with the dollar and bitcoin also posting sharp climbs.

Stock prices, bond yields and cryptocurrencies like bitcoin surged in the U.S. Wednesday as voters returned former President Donald Trump to the White House and the Republican party gained control of the Senate.

U.S. and European stock futures and the dollar surged on Wednesday, while bitcoin jumped to a record high as Republican Donald Trump claimed victory in the U.S. presidential election. Fox News projected that Trump has won the U.