In the wake of the recent U.S. presidential election, Jim Cramer has connected the surge in the stock market to the election of President-elect Donald Trump and his anticipated pro-business policies.

What Happened: Cramer noted that the conclusion of the election brought relief to traders who are now gearing up for a Trump administration, CNBC reported on Thursday.

“The fact that we already know the winner is a huge win for the stock market in itself, which makes it a magnet for new money. This election, with its vicious maelstrom of hate and fear, is finally over,” he said.

Tesla Inc. TSLA saw a remarkable rally, closing up 14.75%. Cramer pointed out that Elon Musk, a vocal Trump supporter, might benefit from Trump’s tendency to reward allies. Tech giants like Alphabet Inc. GOOGL GOOG and Amazon.com Inc. AMZN, previously burdened by antitrust issues, also saw gains. Cramer mentioned that cybersecurity stocks surged amid expectations of increased hacking under Trump’s presidency.

See Also: Bitcoin Hits $71K, Ethereum, Dogecoin Surge As Results Trickle In For Trump-Harris Presidential Battle: Analyst Predicts ‘Kickstart Of The Bull Market’

Cramer acknowledged the market’s record highs during the Joe Biden administration and speculated on future market movements with Trump, who has a keen interest in Wall Street.

“Who knows how high they can go with a president-elect who always told me that the Dow Jones Industrial Average was his version of the Nielsen ratings.”

Why It Matters: The market rally following Trump’s election victory reflects a shift in investor sentiment. The Dow Jones index jumped over 1,500 points, reaching a record high. The CNN Money Fear and Greed index moved to a “Neutral” zone, indicating improved market sentiment.

The anticipation of favorable tax policies under Trump’s administration has further fueled the rally. Additionally, a look back at Trump’s first term provides insights into how various S&P 500 sectors might perform under his leadership. While past performance doesn’t guarantee future results, it offers valuable clues for investors navigating the new administration.

Price Action: According to Benzinga Pro, SPDR S&P 500 ETF Trust SPY closed 2.49% higher on Wednesday while at the time of writing, both Dow Jones Futures and S&P 500 Futures were trading 0.15% higer.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.