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Dow Surges 297

Dow, S&P 500 see record high closes
By Newser Editors and Wire Services
Posted Dec 7, 2016 3:16 PM CST
Dow Surges 297
Trader Peter Costa, left, works at the post that handles Salesforce on the floor of the New York Stock Exchange, Friday, Dec. 2, 2016.   (AP Photo/Richard Drew)

(Newser) – Major US stock indexes are leaping to all-time highs in a broad rally, the AP reports. The gains Wednesday were driven by stocks that tend to do well when the economy is growing, like consumer and technology companies, as well as stocks that pay high dividends, like phone and real estate companies. It was the market's biggest gain since early November. Nike rose 3%, the biggest gain in the Dow Jones industrial average. Drugmakers fell after President-elect Donald Trump said he wants to reduce drug prices. The Dow surged 297 points, or 1.6%, to 19,549. The Standard & Poor's 500 index climbed 29 points, or 1.3%, to 2,241. The Nasdaq composite gained 60 points, or 1.1%, to 5,393. Those were record high closes for the Dow and S&P 500. (Read more Dow Jones stories.)

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