"But they are going to maintain the majority in the Senate. So that right away says, guess what, no Socialism, no major tax hikes to destroy the economy and the stock market," Kudlow said.

The White House adviser's assessment came as stocks climbed on Wednesday, despite fears that uncertainty about the election results could trigger a selloff. Instead, stocks saw gains the moment trading began at 9:30 a.m., and by early afternoon, the Dow Jones Industrial Average was up by around 750 points, nearly 3 percent, while the S&P 500 index was up more than 100 points, also roughly 3 percent. The rally occurred after Wall Street experienced the second best Election Day for trading in history yesterday.

"This was a very strong day for the Republican party and its principals of free enterprise, low taxes and regulations. Maintain energy independence, and tough fair trade deals," Kudlow said.