US stockmarkets rallied following Donald Trump's surprise victory in the 2016 US Presidential Election, with the Dow Jones surging to a near-record high as financials and biotech stocks were buoyed by the news.
The S&P 500 and Nasdaq closed 1.1% higher, at 2,163 and 5,251 respectively, while the Dow Jones soared 1.4% to close at 18,589, having reached a record high during intra-day trading.
The gains came despite index futures suggesting the US stockmarket would suffer as a result of Trump's (pictured) victory, with S&P 500 futures pointing to a 5% drop at open immediately following the news.
Goldman Sachs and Caterpillar topped the Dow Jones index, rising 5.9% and 7.7%, respectively, as construction and financials were supported by Trump's win.
The new US President's policies are likely to lead to a reduction in regulatory burdens for financials in the US, including asset managers.
Construction firms were among the best performers on the S&P 500, with equipment rental firm United Rentals and construction materials business Vulcan Materials up 17% and 9.9%, respectively.
Financials were also strong, with Morgan Stanley up 7.1%, while pharmaceuticals were bouyed as Trump's win removed the threat for drug prices expected from Clinton's policies. Allergan and Pfizer rose 8.7% and 5.7%, respectively.
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Meanwhile, in the UK the FTSE 100 recovered after early losses to close 1% higher at 6,912 points, following Trump's victory speech which halted market falls after he vowed to boost economic growth.
Gold miners were among the biggest gainers in the FTSE 100, as investors poured money into the safe-haven asset, sending gold prices up 5% to $1,337 directly following the news.
Fresnillo was up 11.6% to £17.86, while Randgold Resources and Antofagasta were up 7.6% and 8.3%, respectively.
This was followed by healthcare and construction stocks, with construction firm Ashtead Group ending the day 11.6% higher at £13.85.
Election victory
Trump reached 276 electoral votes, with 270 needed to win the Presidency, with key support coming from victories in the swing states of Florida, Ohio, Iowa, and North Carolina. At the time of Trump's victory, Clinton had won 218 votes. He will take his post on 20 January 2017.
Investors were reassured by the new President's pledge to serve American people, rebuild the country's infrastructure and double economic growth.
Speaking after his election, Trump said: "We need to rebuild our infastructure, it will become second to none. We will put millions of people to work as we rebuild it. We will finally take care of our veterans.
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"We will embark upon a project of national growth and renewal. We have a great economic plan, we will double our growth and have the strongest economy anywhere in the world."
As a result of Trump's victory, his running mate Mike Pence, 50th Governor of Indiana, will become the 48th Vice President of the United States.
Meanwhile, the Republican party has won 234 out of the 435 seats in the lower Congress up for the vote, while the Democrats took just 178.
This means the Republicans will once again maintain control of the House of Representatives, with the Democrats failing to achieve the minimum 218 seats required to regain power.
The Republicans also retain control over the US Senate currently controlling a majority of 51 seats, after a total of 34 seats were up for election, while the Democrats only managed to win one seat.
