Stock markets reversed overnight losses stemming from the shock of Donald Trump’s upset victory Tuesday night and and the Dow Jones Industrial Average soared to what would be a record closing high Wednesday as investors worked through the implications of the Republican’s ascent.

The Dow Jones Industrial Average climbed more than 300 points, or more than 1.5 percent, by the afternoon, reversing a massive 750-point plunge in futures Tuesday night as election results came in.

Other global market indicators also showed signs of calm after going haywire Tuesday night.

Gold fell to $1,270 an ounce, down from the previous day’s close, after soaring as high as $1,333 overnight as investors fled to safety. U.S 10-year Treasury securities told a similar story, with yields rising to the highest levels since January after briefly collapsing during the night. Meanwhile, the dollar retraced massive movements against major foreign currencies.

Although investors initially reacted to Trump’s victory by assuming that the Fed would react to the resulting turmoil by postponing interest rate hikes, an increase in the Fed’s target as soon as December was again seen as a likelihood by the afternoon.

Reacting to the gyrations, MUFG Union Bank chief financial economist Chris Rupkey wrote that “we think the stock market will settle down and decide that it likes Trump.”

One of the few market sectors to perform poorly was gun manufacturing, an industry that often benefits from demand generated by fears that a Democratic president will enact legislation curbing access to guns.

Otherwise, however, markets appeared sanguine about a Trump presidency.

“I personally don’t believe Trump is bad for the market necessarily,” said activist investor Carl Icahn speaking on CNBC.

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Icahn, a prominent Trump endorser, said he left Trump’s New York victory party Tuesday night to buy stocks during the brief panic, sensing an opportunity to buy cheap.

“I think Donald’s a real smart guy,” Icahn said. “I’ve known him for years and I think he’s going to do things for this market.”

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