“Investors have been betting on stocks of industrial and financial companies as they expect these sectors to benefit the most from Trump’s promise to spend more on infrastructure and simplify regulations. The small cap Russell 2000 and the Dow Transport .DJT indexes also hit record highs,” Swamynathan reports. “‘The market is projecting a lot more confidence in future growth, and I don’t expect any big pullback to derail the rally until the end of the year,’ said Chris Story, senior trader at Manulife Asset Management in Boston, Massachusetts.”
“At 12:28 p.m. ET (1728 GMT), the Dow Jones Industrial Average .DJI was up 88.47 points, or 0.45 percent, at 19,638.09. It touched an all-time high of 19,646.92 – 10th since the election. The S&P 500 .SPX was up 6.81 points, or 0.3 percent, at 2,248.16, slightly below its high of 2,248.73. The Nasdaq Composite .IXIC was up 28.65 points, or 0.53 percent, at 5,422.41, after hitting a record of 5,423.19,” Swamynathan reports. “Seven of the 11 major S&P 500 sectors were higher, led by a 0.7 percent gain in technology .SPLRCT due mostly to Apple, while the financial sector .SPSY rose on gains in Bank of America and JPMorgan.”
Read more in the full article here.
MacDailyNews Take: Now, we’d like to see some Apple all-time highs. Maybe after holiday quarter earnings results are released in January? And/or after new corporate/import/export tax plans become clearer?
Dow hits new all-time high; stocks have been on rip-roaring rally since Trump’s election – December 5, 2016
Goldman Sachs: Trump presidency will benefit stocks in nearly every sector – November 30, 2016
Apple: The Trump Effect – November 29, 2016
President-elect Trump tells Apple CEO Tim Cook that he’d like to see Apple make products in the U.S. – November 23, 2016
Morgan Stanley: Apple stands to benefit the most from President Trump’s corporate tax plans – November 11, 2016
Apple CEO Tim Cook smartly maintained ties to GOP ahead of Trump victory – November 9, 2016