The S&P 500 and the Nasdaq jumped to a fresh record high on Thursday after the Fed delivered a 25 basis point rate cut.

While a path toward the 270 Electoral College votes needed to take the White House remained in reach for both U.S. presidential candidates Tuesday, a rally in Dow futures and selloff in U.S. government debt indicated market participants were prepared for a victory by Republican Donald Trump.

The legendary investor says business and investors will benefit from the president-elect’s policies but has concerns about inflation and tariffs.

The Dow’s strong gain this year favored the Democrats and Kamala Harris. But Wall Street is increasingly disconnected from Main Street.