Stocks and Bitcoin jumped after Trump’s victory. So did concerns about inflation as the Dow rose to 1,400.

NEW YORK (AP) — U.S. stock market, Elon Musk Teslabanks and bitcoin are all soaring on Wednesday as investors bet that Return of Donald Trump to the White House will mean for the economy and world. Among the losers the market sees: solar energy companies and perhaps anyone concerned higher inflation.

The S&P 500 jumped 2.4% in afternoon trading and was on track to top. record high set last month. The Dow Jones Industrial Average was up 1,438 points, or 3.4%, as of 2:30 p.m. ET, and the Nasdaq was up 2.8%.

The US stock market has historically trended upward no matter which side wins But Republican control could mean big changes in the winners and losers beneath the surface, and investors are adding to bets placed previously that higher tariffs, lower tax rates and easier regulation whatever Trump approves will mean.

“Markets are trying to figure out what’s going to happen next, but for now the market is forecasting higher growth and higher inflation,” said Peter Esho of Esho Capital.

Of course, how much change Trump can make will likely depend on whether his fellow Republicans gain control of Congress, and that still to be determined. That could leave room for some sharp moves on Wednesday.

However, after Trump’s dramatic victory, the market is split between fairly clear winners and losers. Among them:

Banking shares, UP

Bank stocks led the market higher, partly on hopes that a stronger economy will mean more customers will take out loans and pay them back with interest. They also rallied on hopes of looser regulation from a Republican White House that could encourage more mergers and buyouts in which investment banks could earn fees. JPMorgan Chase shares rose 10.6%, and financial stocks in the S&P 500 posted the biggest gains among the index’s 11 sectors.

Crypto, UP

Trump promised to make the country ” crypto capital planet” and create a “strategic reserve” of bitcoins. Bitcoin price hit an all-time high of over $75,000 and recently rose 7.7% to around $75,466, according to Coindesk. Companies in the crypto industry also jumped, including a 32.1% rise in trading platform Coinbase.

Tesla, UP

Musk has become a close ally of Trump, encouraging the former president to run. While Trump could end up crippling the electric vehicle industry by limiting government subsidies, analysts say Tesla could gain some advantage by already being such a big player in the industry. Tesla shares rose 14.5%, while rival Rivian Automotive shares fell 8.4%.

Trump Media & Technology Group, U.P.

the company behind Trump’s Truth Social The platform grew 3% after the previous jump of almost 35%. He regularly trades more on Trump’s popularity than on his prospects for profit. His growth occurred even after he filed unaudited financial documents regulators said late Tuesday that the company lost $19.2 million in its most recent quarter and that its sales were down from a year earlier.

Operators of private prisons, UP

Washington under Trump may push for tighter enforcement of the country’s borders, which could mean more business for companies that do business with U.S. Immigration and Customs Enforcement (ICE). Shares of GEO Group, which owns ICE processing centers, jumped 37.9%.

Shares of small companies, UP

Trump’s “America First” policies could help companies focused on customers inside the United States rather than large multinational corporations that could be hurt by higher tariffs and protectionism. The Russell 2000 index of smaller-cap stocks, considered more domestically oriented than the larger S&P 500 stocks, jumped 5.6%. This was more than double the gain of the S&P 500 index.

Treasury Bond Prices DOWN

Investors see Trump’s policies potentially leading to stronger economic growth, which will help push down Treasury prices and boost yields. Trump’s tax cuts could also lead to a further increase in the US government’s deficit, increasing its borrowing needs and pushing yields higher. The yield on the 10-year Treasury note jumped to 4.44% from 4.29% late Tuesday, a major move for the bond market. This is significantly higher than in August, when it was below 4%.

Inflation fears, UP

Investors also believe Trump’s policies are likely to increase future inflation, especially tariffs, which could add costs to American households.

“Trump continues to openly tell people that he will raise tariffs not just on China, but on all trading partners,” said Andrzej Skiba, head of BlueBay US fixed income at RBC Global Asset Management. “We are talking about 10% tariffs for all global partners. This is a big deal because it could add 1% to inflation. If you add 1% to the inflation numbers next year, we should say goodbye to rate cuts.”

Reduced immigration could also push companies to raise workers’ wages more quickly, which in turn could put even more upward pressure on inflation.

Expectations for interest rate cuts have been muddled

Much of Wall Street’s record breaking this year was based on expectations upcoming interest rate cut by the Federal Reservenow that inflation seems to be returns to target of 2%. Lower interest rates help stimulate the economy, but they can also fuel inflation.

The Fed will announce its latest interest rate decision on Thursday and is expected to cut rates, according to CME Group. But traders have already lowered their forecasts for how many cuts the Fed will provide before the middle of next year.

Foreign currencies DECREASE against the dollar

Trump has vowed to sharply hike tariffs on imports from China, Mexico and other countries, raising fears of trade wars and turmoil in the global economy. A measure of the US dollar’s value against several major currencies rose 1.6%, meaning those other currencies fell.

The euro fell 1.7%, the South Korean won fell 1.4%, and Mexican Peso fell slightly against the dollar.

Renewable Energy Stocks DOWN

Trump is a fan of fossil fuels, encouraging oil and natural gas production. His victory led to sharp declines in solar industry stocks, including 8.7% for First Solar and 15.1% for Enphase Energy.

The only stock with a big loss in the S&P 500 was Super Micro Computer, which said its sales for the latest quarter may be below its previous forecast. Its shares fell 21.5%.

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AP writers Zimo Zhong, Elaine Kurtenbach, Kirstin Grieshaber and Kelvin Chan contributed to this report.