The Dow Jones Industrial Average soared to a record high, closing up more than 1,500 points on Wednesday after Trump won the presidential election over Vice President Kamala Harris. Meanwhile, the Nasdaq and S&P 500 each rose by more than 2% on Wednesday to also hit new highs.

Futures of the Dow Jones Industrial Average skyrocketed as Trump claimed victory in the early hours of Wednesday morning. As Trump, forecast to become the 47th president, spoke at an event in West Palm Beach,

JPMorgan Chase fell 4.3%, a day after banks decisively led the market on expectations that a stronger economy and lighter regulation would mean fatter profits. It and Goldman Sachs were the biggest reasons for the Dow’s slight loss.

U.S. stocks are ticking higher ahead of the Federal Reserve’s announcement coming later in the afternoon about what it will do with interest rates.

Asian shares have advanced after most U.S. stocks rose as the Federal Reserve cut interest rates again to ease pressure on the economy