- Title: Wall Street jumps after Trump wins White House
- Date: 9th November 2016
- Summary: NEW YORK, NEW YORK, UNITED STATES (NOVEMBER 9, 2016) (REUTERS) (SOUNDBITE) (English) CFRA CHIEF INVESTMENT STRATEGIST SAM STOVALL SAYING: "I think because both candidates are now sounding like adults. Because President-elect Trump is actually sounding very conciliatory towards the other side, also emphasizing the need for us to work in a unified fashion I think that is sending a positive message to those on Wall Street."
- Embargoed: 24th November 2016 21:18
- Keywords: Sam Stovall Wall Street Donald Trump president stocks
- Location: NEW YORK, NEW YORK, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA00257Q82H9
- Aspect Ratio: 16:9
- Story Text: U.S. stocks rose sharply on Wednesday (November 9) in a dramatic turnaround from deep overnight losses as Wall Street embraced the upset presidential election victory of Republican Donald Trump.
After warning for months that a Trump White House would create uncertainty and damage sentiment, investors poured money into sectors that may benefit from the former reality TV show star's victory.
That was a steep reversal from the previous night, when financial markets reacted violently as Democrat Hillary Clinton's path to victory disintegrated and S&P futures ESc1 dropped 5 percent before a trading limit kicked in.
Gains of over 3 percent each in the heavily weighted healthcare .SPXHC and financial .SPSY sectors pushed the Dow Jones industrial average up over 1 percent. The Dow was just shy of its record high.
The real estate sector fell 2.28 percent and utilities lost 3.68 percent. Both sectors are proxies for bonds, which also fell.
A curb on drug pricing was a key campaign theme for Clinton, while Trump has called for repealing the Affordable Care Act and loosening restrictions on banks enacted after the financial crisis.
The Dow Jones industrial average jumped 1.4 percent to end at 18,589.69, just 0.25 percent below its all-time high set in August. The S&P 500 surged 1.11 percent to 2,163.26 and the Nasdaq Composite added 1.11 percent to end at 5,251.07.
Trading volume was the highest since June, when Britain voted to abandon the European Union.
Republicans maintained their majorities in both chambers of the U.S. Congress, potentially enabling the party to reshape Washington with two years of "unified" government.
Wall Street is typically seen as preferring gridlock, or shared control of the White House and Congress, over a sweep of both chambers of Congress and the presidency.
The CBOE Volatility index, a gauge of investor anxiety, fell 23 percent and was on track for its biggest daily drop since late June.
Shares of big pharmaceutical companies gained, with Pfizer jumping 7.07 percent, the biggest driver of the S&P 500's gains.
The iShares Nasdaq Biotechnology ETF surged 8.93 percent and was on track for its biggest daily percentage gain in eight years.
Among financials, JPMorgan Chase surged 4.60 percent, while Wells Fargo rose 5.38 percent.
Advancing issues outnumbered declining ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 2.59-to-1 ratio favored advancers.
The S&P 500 posted 60 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 208 new highs and 98 new lows.
About 11.7 billion shares changed hands on U.S. exchanges, far above the 7 billion daily average over the last 20 sessions. - Copyright Holder: REUTERS
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