Stocks Surge After Trump Win

Dow ends day up 256
By Newser Editors and Wire Services
Posted Nov 9, 2016 3:16 PM CST
Traders Gregory Rowe, left, and Robert Finnerty work in their booth on the floor of the New York Stock Exchange, Wednesday, Nov. 9, 2016.   (AP Photo/Richard Drew)

(Newser) – Stocks are closing sharply higher on Wall Street after Donald Trump's upset victory over Hillary Clinton, the AP reports. Investors hope his plans for infrastructure spending, tax cuts, and lighter regulation will benefit the economy. Banks, drugmakers, and industrial companies rose the most, while safe-haven assets like utilities slumped. Bond prices dropped sharply, sending yields higher. The yield on the 10-year Treasury note went above 2% for the first time since January. The Dow Jones industrial average rose 256 points, or 1.4%, to 18,589, within 50 points of the all-time high it set in August. The Standard & Poor's 500 index gained 23 points, or 1.1%, to 2,163. The Nasdaq composite climbed 57 points, or 1.1%, to 5,251. Earlier, there had been some market jitters. (Read more Dow Jones stories.)

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