(BLOOMBERG) The Dow Jones Industrial Average rose to an all-time high as U.S. stocks added to rally sparked by speculation Donald Trump’s policies will benefit businesses.
The Dow rose 116.90 points, or 0.6 percent, to 18,706.99 at 9:31 a.m. in New York, taking it above its Aug. 15 record. The S&P 500 Index advanced 0.4 percent to 2,172.64. Stocks rose in heavy trading yesterday, after the initial shock of Trump’s election victory sent futures tumbling.
Drugmakers and banks, which lifted the S&P 500 yesterday, climbed on bets the Republican administration will mean less regulatory oversight in those sectors than a win for Hillary Clinton. Allergan Plc and Pfizer Inc. added 2.4 percent or more, while Goldman Sachs Group Inc. and JPMorgan Chase & Co. also advanced.
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