Billionaire business magnate Donald Trump pulled off a stunning upset early Wednesday morning to become the next President of the United States, picking up key battleground states to beat Democratic rival Hillary Clinton.

The victory took investors around the world by surprise and sent markets into a tailspin. Overnight, Dow futures fell as much as 800 points and the S&P 500 tumbled 5%, tripping up circuit breakers meant to halt trading in periods of extreme swings.

Markets also tumbled overseas as investors digested what a President Trump means for trade and global growth. Japan’s Nikkei stock exchange finished 5.4% lower. European stocks also dropped initially, but by the end of the day the Stoxx Europe 600 had added 1.5%.

“Most investors had calculated that Clinton would win, and markets are now recalibrating,” said Richard Dunbar, senior investment strategist at Aberdeen Asset Management.

U.S. stock markets shrugged off their losses by midday as the initial shock of the election results wore off and investors embraced the idea of a Trump presidency. Several sectors rallied, including financial and energy stocks, with investors betting that respective industry regulations will be dialed back. Biotech and prison stocks also gained. Investors pushed the yield on the 10-year Treasury to highs not seen since January.

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