So much for the Trump slump! Dow hits closing record high as stocks soar and the dollar makes its largest gains since Brexit

Wall Street reached record highs on Wednesday as the markets strengthened and currencies rose after being initially threatened by Donald Trump's election win.

The Dow index closed on 18,586 after rising more than 250 points in what experts described as the biggest market turnaround since the 2008 global financial crisis. 

It reached a record high of 18,650 in the afternoon as the dust settled after Tuesday's election result.  

The S&P 500 recorded a one month high at around 12pm, the exact time Hillary Clinton delivered her concession speech, and the Nasdaq index also strengthened.  

The dollar clawed back its earlier two percent loss after being abandoned by investors who flocked to safe haven currencies including the Japanese Yen and the Euro overnight. 

By 1pm on Wednesday, it had reached its highest gain since Brexit, climbing by 1.1 percent in a Bloomberg gauge.

While most other global markets were shaken by overnight losses, Russia was one of the few which showed soaring stock rates. 

After a night of alarming market uncertainty and predicted financial turmoil, by Wednesday;

• The US dollar had recovered its two percent loss against the Japanese Yen and Euro and was at its highest gain since Brexit  
• Stocks rose to record highs with the Dow index closing up by 1.4 percent
• The Mexican peso suffered an 8 percent loss against the US dollar amid anticipation of Trump's harsh trade and immigration plans 
• Healthcare insurer stocks plummeted while biotech and pharmaceutical company stocks skyrocketed in response to his drastic Obamacare plans 
• Shares in firearms companies dropped - panic buying would have been a likely effect of a Clinton victory with pro-guns citizens eager to snap up weapons before her reforms, experts said 

Trading began shakily, with each of the major stock indexes (the Dow, S&P 500 and Nasdaq) starting up before dipping.

They then began to claw their back back throughout the morning and calmed at around 10am, a slow turnaround after initially plummeting rates overnight. 

The Mexican peso closed at a seven percent loss on Wednesday after sinking by 12 percent, an all time low, at around midnight when Trump's victory became apparent.    

Drugs and biotechnology companies including Pfizer skyrocketed, no longer facing Clinton's intended plans for harsh caps on the profiteering pharmaceutical industry.

Private prisons, banks, military contractors, coal and the Russian and Chinese markets were also winners.  

Healthcare insurers, on the other hand, sank in anticipation of Trump's vowed changes to Obamacare which will see millions their lose affordable cover. 

Smith and Wesson, one of the nation's largest firearms manufacturers, suffered losses of 11 percent and Sturm Ruger & Co was down 12.29 percent. 

Experts attributed it to a lack of panic buying predicted in the event of a Clinton win with gun retailers earlier telling of a surge in sales when a Democrat victory was expected.