NEW YORK, N.Y. – The latest on developments in financial markets (All times local):
The Dow Jones industrial average is closing at a record high, led by big gains in a few of its 30 components including Goldman Sachs and IBM, beating the all-time high it set in August.
Broader market measures were closing mixed Thursday as several sectors struggled, including consumer goods companies, utilities and phone companies.
Bond prices continued to fall, sending yields higher. Bond investors expect that Trump’s plans to increase spending on infrastructure while also lowering taxes will lead to stronger economic growth and possibly inflation, both of which are bad for bonds.
The Dow rose 218 points, or 1.2 per cent, to 18,807.
The Standard & Poor’s 500 index edged up 4 points, or 0.2 per cent, to 2,167. The Nasdaq composite dropped 42 points, or 0.8 per cent, to 5,208.
Major U.S. stock indexes are mostly lower at midday, except for the Dow Jones industrial average, which is extending post-election gains into a second day.
Consumer goods and technology companies fell Thursday, while banks and industrial companies rose.
The Dow, which contains just 30 stocks, gained 147 points, or 0.8 per cent, to 18,73. The gains put the Dow on track to beat its all-time closing from August.
Broader indexes didn’t do as well.
The Standard & Poor’s 500 fell a fraction to 2,163 and the Nasdaq composite dropped 63 points, or 1.2 per cent, to 5,186.
More stocks fell than rose on the New York Stock Exchange.
Bond prices continued to fall. The yield on the 10-year Treasury note rose to 2.08 per cent.
Stocks are opening higher on Wall Street Thursday as the rebound in share prices around the world continued two days after the election of Donald Trump as the next U.S. president.
The Dow Jones industrial average gained 142 points, or 0.7 per cent, to 18,731 shortly after the opening bell.
The S&P 500 index was up 13 points, or 0.6 per cent, to 2,176. The Nasdaq composite rose 31 points, or 0.6 per cent, to 5,282.
Banks and other financial stocks rose the most, while utilities and real estate stocks lost ground.