The Republican Party reclaimed control of the Senate, while the House of Representatives leans Republican but remains undecided.The major U.S.equity indices – the S&P 500, Dow Jones Industrial Average, and Nasdaq 100 – surged to record highs in early trading, as investor optimism grew on expectations of more favorable tax policies.
Large-cap bank stocks climbed 6%, while regional banks tracked by the SPDR S&P Regional Banking ETF (NYSE:KRE) soared 13%—both seeing their biggest one-day gains since November 2020, when the first COVID-19 vaccine was announced.
However, the real standouts were small caps and bank stocks, with investors turning to domestic businesses and U.S.banks in anticipation of potential tariff protections and further financial deregulation.
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