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The markets are learning to live with President Trump

That was fast. The U.S. stock market has recovered from the worst of its overnight shock reaction to the surprise election of Donald Trump as the next president of the world’s largest and most influential economy. As Trump’s position grew ever stronger Tuesday night, the markets dove, with S&P 500 futures down by about 5 percent during their worst moments.

But Wednesday morning brought a sense of relief, as investors made financial bets on how to profit from a world with Trump in the White House. After the open of trading in New York, U.S. stocks were roughly flat, though they rose by the early afternoon.

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Likewise, the U.S. dollar index, which fell sharply last night, also climbed back into positive territory on Wednesday, as markets took a breath.

What accounts for the turnaround in market sentiment? Well, certain sectors are rising sharply on the premise of a Trump presidency.

Trump has talked relentlessly about rebuilding America’s infrastructure. And industrial companies that supply things like building materials and construction equipment are up sharply on his victory. Likewise, his promise to overturn the Affordable Care Act — Obamacare — has the stocks of drug and insurance companies rising. Perhaps more ominously shares of weapons manufacturers and defense contractors are up too. Steel companies are also getting a lift, on the prospect that Trump’s tough talk on tariffs on cheap Chinese steel could come to fruition.