Trump Media, Tesla, Goldman Sachs, Coinbase and more

• Major US indexes rose on Wednesday afternoon as former President Donald Trump was set to return to the White House.

• Shares of banks and cryptocurrency-related companies rose as investors expected a more environmentally friendly environment for banks and cryptocurrencies.

• Solar stocks fell as the former president’s campaign included promises to reverse the Biden administration’s policies favoring renewable energy.

Major US indexes rose on Wednesday afternoon as former President Donald Trump was set to return to the White House. The Dow Jones rose more than 3%, while the S&P 500 and Nasdaq added 2%. The yield on ten-year government bonds also rose.

Shares of Trump Media & Technology Group (DJT), the social media company that Trump largely controls, made a leap.

Shares of companies that could benefit from higher interest rates and Trump’s plans to ease regulations also rose. Goldman Sachs (GS) was the best-performing stock in the Dow Jones, with shares of Wells Fargo (WFC) and JPMorgan Chase (JPM) also higher.

Shares of Coinbase Global (MINT) and other cryptocurrency-related companies took off as Bitcoin’s price hit an all-time high and other digital coins gained as Trump called for the US to become “the crypto capital of the planet.”

Tesla (TSLA) shares hit their highest level in more than two years after Trump called CEO Elon Musk “a genius” during his acceptance speech, with investors expecting Musk’s support for the incoming president during the campaign could help the electric vehicle maker.

Meanwhile, shares of solar and other renewable energy companies fell, including Enphase Energy (ENPH) and First Solar (FSLR), along with giant lithium miner Albemarle (ALB).

Shares of Lennar (LEN) and rival homebuilders fell on concerns that higher financing costs could hurt new home sales.

Supermicrocomputer (SMCI) shares tumbled after the computer server maker missed sales estimates as it faced scrutiny over its accounting practices.

Crude oil and gold futures fell, while the US dollar rose against the euro, pound and yen.