Shortly after the stock market opened on Wednesday, shares of major banking institutions surged in response to the re-election of Donald Trump as the 47th President of the United States, marking his return to the White House following his previous tenure as the 45th President.

At 9:42 am CET, Wells Fargo & Co. gained 14.74%, followed by Goldman Sachs Group Inc., up 9.36%. Meanwhile, Morgan Stanley jumped 8.60%. Citigroup Inc. added 9.61% while Bank of America Corp rose 8.08% and JPMorgan Chase & Co improved by 8.93%.