The Dow Jones rose Thursday ahead of the Fed's interest rate decision and Fed Chair Jerome Powell's comments. Shares of Trump Media plunged.

Wall Street's main stock indexes hit record highs in the run-up to an interest-rate decision from the Federal Reserve on Thursday, extending a sharp rally sparked by Donald Trump's stunning comeback as U.

The Dow Jones Industrial Average soared to a record high, closing up more than 1,500 points on Wednesday after Trump won the presidential election over Vice President Kamala Harris. Meanwhile, the Nasdaq and S&P 500 each rose by more than 2% on Wednesday to also hit new highs.

Major indexes gained ground, with the Dow Jones Industrial Average, S&P 500 and Nasdaq composite index rising on the prospect of another Donald Trump presidency.

Many on Wall Street expected Tuesday’s election would be the final obstacle standing in the way of a stock-market melt-up heading into the end of the year. But rising Treasury yields are increasingly a concern.

AM, when markets opened in New York, brokers were scrambling to fill orders as fast as possible. The Dow Jones Industrial Average shot up 1,300 points, putting it on track for one of its best days ever.