The Associated Press / A television screen on the floor of the New York Stock Exchange displays results of the Presidential election Wednesday.

NEW YORK — The U.S. stock market, Elon Musk’s Tesla, banks and bitcoin all stormed higher Wednesday as investors made bets on what Donald Trump’s return to the White House will mean for the economy and the world. Among the losers the market sees: the renewable-energy industry and potentially anyone worried about higher inflation.

The S&P 500 rallied 2.5% for its best day in nearly two years. The Dow Jones Industrial Average surged 1,508 points, or 3.6%, while the Nasdaq composite jumped 3%. All three indexes topped records they had set in recent weeks.

The U.S. stock market has historically tended to rise regardless of which party wins the White House, with Democrats scoring bigger average gains since 1945. But Republican control could mean big shifts in the winning and losing industries underneath the surface, and investors are adding to bets built earlier on what the higher tariffs, lower tax rates and lighter regulation that Trump favors will mean.

“The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook,” Peter Esho of Esho Capital said.

Of course, how much change Trump effects in his second term will likely depend on whether his fellow Republicans win control of Congress, and that’s still to be determined. That could leave room for snaps back in some of Wednesday’s big knee-jerk movements.

Nevertheless, the market is cleaving between rather clear winners and losers following Trump’s dramatic win. Among them:

Bank stocks, UP

Bank stocks led the market higher, in part on hopes that a stronger economy would mean more customers getting loans and paying them back with interest. They also rallied on hopes for lighter regulation from a Republican White House. JPMorgan Chase soared 11.5%, and financial stocks had the biggest gain by far among the 11 sectors that make up the S&P 500. Capital One Financial climbed 15%, and Discover Financial jumped 20.2% for some of the market’s biggest gains on speculation their pending merger will more easily get federal clearance under Trump.

Crypto, UP

Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. The price of bitcoin hit an all-time high above $76,480, according to CoinDesk, and was recently just under $76,100. Companies in the crypto industry also jumped, including trading platform Coinbase’s 31.1% leap.

Tesla, UP

Musk has become a close ally of Trump, exhorting the former president’s run. While Trump may end up hurting the electric-vehicle industry broadly by limiting government subsidies, analysts say Tesla could gain somewhat of an advantage by already being such a big player in the industry. Tesla revved 14.8% higher, while rival Rivian Automotive fell 8.3%.