Dow Jones surges to record high

Dow Jones surges to record high
By Catherine Hardy with The Guardian, EFE, Business Insider
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The leading US index rallies instead of the expected Trump post-election meltdown. Shares in banks, construction and defence rise, tech shares fall.

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The Dow Jones Industrial average hit a record high on Thursday.

Donald Trump’s victory in the US presidential election had been expected to rattle investors.

However, after a volatile opening, the Dow climbed for a second day with banking shares the biggest gainers.

The business

Dow Jones closes at record high https://t.co/kFJEHVLSaE

— TIME (@TIME) November 10, 2016

The index rose 218 points or 1.18 percent by the close of trade.

It ended Thursday’s session at 18,807.

The S&P 500 was also slightly up although the Nasdaq changed direction due to a steep sell-off of technology shares, with Apple and Amazon both down.

#BREAKING Dow surges to 1.2% to record close, Nasdaq loses 0.8%

— AFP news agency (@AFP) November 10, 2016

BREAKING: Dow closes at record high; comes amid continued surge following the election of Donald Trump – CNBC</a> <a href="https://t.co/ZpDNMjuQeG">https://t.co/ZpDNMjuQeG</a></p>&mdash; NBC Nightly News (NBCNightlyNews) November 10, 2016

Dow surges to close at record high. So much for Trump market meltdown.

— Andrew Neil (@afneil) November 10, 2016

Likely game-changers

Immediate, post-election statements:

  • No reference to trade barriers
  • No reference to wall on Mexican border

Long-term policy preferences:

  • Conciliatory tone on corporation tax and cutting back regulation
  • Stance on climate change targets meant oil and gas shares rose
  • A pledge to ease banking rules
  • Mining and construction shares rose on pledge to get Americans back to work
  • Vague talk about restricting treatment charges was good news for drug companies

Dow Closes at Record High https://t.co/J9JGD3qAUDpic.twitter.com/zHkAAqi2Pw

— WTAG Radio (@WTAGradio) November 10, 2016

Already having an effect. https://t.co/CIYgMAW0sI

— David A Barclay (@DavidABarclay) November 10, 2016

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