Financial stocks rose Wednesday after former President Donald Trump won the 2024 U.S. presidential race over Vice President Kamala Harris.

Shares of JPMorgan Chase (JPM) were up more than 8% in early trading . Meanwhile, Goldman Sachs (GS) surged more than 9% and Bank of America (BAC) surged more than 7%. An index of big-bank shares was up some 8%, while one of regional bank stocks rose even more as investors anticipated an environment friendlier to banks and dealmakers.

The S&P 500's financials sector was also helped by credit-card companies, with Discover (DIS), Capital One (COF) and Synchrony (SYF) rising 14% or more.

The moves came as the Dow, Nasdaq and S&P 500 all posted substantial morning gains. Prices for cryptocurrencies flew higher, with bitcoin and ether jumping. Trump, seen as a strong supporter of digital currencies, in August said he wanted to make America “the crypto capital of the planet.”

Here's Investopedia's take on what a Trump win means for the U.S. economy.

Update: This article has been updated to add more details and reflect new share-price information.