“U.S. stocks rallied Wednesday, with the Dow industrials jumping 257 points, led by a surge in financial, health-care and industrial stocks, as investors bet on the infrastructure spending policy promised by President-elect Donald Trump,” Anora Mahmudova and Carla Mozee report for MarketWatch. “”
“The Dow Jones Industrial Average gained as much as 316 points, briefly surpassing the all-time closing high set in August. The index closed 256.95 points, or 1.4%, higher at 18,589.69, its highest level since Aug. 18. Pfizer Inc. and Caterpillar Inc led the gains, rallying more than 7%,” Mahmudova and Mozee report. “The S&P 500 index ended up 23.70 points, or 1.1%, at 2,163.26, as big gains in health care, financials and industrials more than offset sharp losses in defensive sectors such as utilities and consumer staples. The iShares Nasdaq Biotechnology ETF was one of the clearest winners, surging 13%.”
“Meanwhile, the Nasdaq Composite advanced 57.58 points, or 1.1%, to 5,251.07. Technology stocks in general were weaker, with uncertainty of trade policies hanging over global giants like Apple Inc,” Mahmudova and Mozee report. “The Russell 2000 index RUT, +3.10% outperformed the large-cap index, soaring 3.1% to 1,231.20 on Wednesday…”
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MacDailyNews Take: After a bit of a wobble, the ship rights itself.
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