Investing.com – Donald Trump has been elected as the 47th president of the United States, according to the Associated Press and other major news networks.

The AP made the decision to call the race for Trump after he won the key battleground state of Wisconsin, putting him over the 270 Electoral College votes needed to secure victory, the news agency said. Trump also emerged victorious in a number of other key states, including Pennsylvania, Georgia and North Carolina.

Trump previously declared victory earlier on Wednesday, saying the results give him a “strong mandate” as he returns to the White House for a second four-year term. It is the culmination of a stunning political comeback for Trump, who was defeated by incumbent President Joe Biden in the last presidential election in 2020.

Meanwhile, earlier coverage by the AP and other regional networks showed that Republicans had secured a majority in the Senate, the upper house of the US Congress, and were also on track to win the House of Representatives, raising the possibility of a Republican sweep in the 2024 elections.

Such a scenario would present an easier path for Trump to enact major policy changes if elected.

U.S. stocks rose to a record high in early trade on Wednesday as traders weighed the growing likelihood of both Trump and the Republican Party taking control of Congress.

With the rise in stocks, so-called “Trump trades” have increased. The US dollar was on track for its biggest one-day gain since 2016 against the other major currency pairs, with the Mexican peso in particular falling. , the world’s most popular cryptocurrency, also hit an all-time high of $75,060.

In recent months, these assets have often been seen as representative of the former president’s winning chances. Trump’s tariff and immigration plans have been seen as possibly inflationary, which could strengthen the greenback. At the same time, Trump has become an outspoken supporter of the cryptocurrency industry, fueling bets on Bitcoin.

Elsewhere, the yield on the benchmark US Treasury bond hit its highest level since early July. Yields tend to move inversely to prices.

“Trump deals are in full swing (…),” analysts at ING said in a note on Wednesday, adding that markets were also “pricing” in congressional Republicans.

Shares of Tesla (NASDAQ: ), whose chief executive Elon Musk had been a staunch Trump supporter during the campaign, rose, while oil and gas and banking stocks also gained.

On the other hand, renewable energy stocks like Vestas and Orsted ( CSE: ) in Europe were hurt by Trump’s win. Trump vowed to eliminate offshore wind projects through an executive order on his first day in office, arguing that windmills harm the environment as well as kill whales and birds.

(Ambar Warrick, The Associated Press and Reuters contributed reporting.)