Stocks closed sharply higher Wednesday as investors reacted to Donald Trump being elected president of the United States in an upset victory over Hillary Clinton.
Banks, drugmakers and industrial companies gained the most, while safe-haven assets like utilities slumped. The market hopes that Trump’s plans for infrastructure spending, tax cuts and lighter regulation will benefit the economy.
The Dow Jones industrial average climbed 256.95 points, or 1.4 per cent, to 18,589.69.
The Standard & Poor’s 500 index gained 23.70 points, or 1.1 per cent, to 2,163.26.
The Nasdaq composite added 57.58 points, or 1.1 per cent, to 5,251.07.
For the week:
The Dow is up 701.41 points, or 3.9 per cent.
The S&P 500 is up 78.08 points, or 3.7 per cent.
The Nasdaq is up 204.70 points, or 4.1 per cent.
For the year:
The Dow is up 1,164.66 points, or 6.7 per cent.
The S&P 500 is up 119.32 points, or 5.8 per cent.
The Nasdaq is up 243.66 points, or 4.9 per cent.