Symbol	Name	Price		Change	%Change
DJIA	Dow Industrials	18589.69		256.95	1.40%
S& P 500	S& P 500 Index	2163.26		23.70	1.11%
NASDAQ	NASDAQ Composite	5251.07		57.58	1.11%

 

Dow closes up 250 points financials surge after Trump election upset

U.S. stocks surged more than 1 percent Wednesday with financials and health care leading after Republican Donald Trump won the presidential election, defying market expectations for a Hillary Clinton win.

The day' s rally took the major averages within 2 percent of their all-time intraday highs, and marked a stunning recovery from a sharp plunge in stock index futures overnight. Trade volume Wednesday was roughly 12 billion shares, the highest since the surprise UK vote to Leave the European Union in June.

" He said part of the day' s rally was fueled by short covering, and that volatility will likely continue as traders eye Trump' s potential Cabinet," says JJ Kinahan, chief strategist at TD Ameritrade. " Overnight was all about uncertainty. Today we know" the result, Picks.

The Dow Jones industrial average closed up more than 250 points at 18,589, with Goldman Sachs and Caterpillar contributing the most to gains.

With about half an hour to the close, the Dow briefly added more than 300 points and was tracking to close at a record high. The index came within about 25 points of its all-time intraday high of 18,668.44 touched in August and closed within half A percent of that level.

Financials leaped 4 percent in their best day since 2011 to lead S & P 500 advancers, followed by health care. Banks and diversified financials such as Morgan Stanley led financial sector gains, while biotech stocks led health care gains.

" Within financial services, there is a guarded view that there may be less regulation [under Trump] than under a Clinton presidency," said John Stadtler, head of U.S. financial services at PwC.

Investors began adding exposure to health care and defense stocks, both of which saw significant pressure heading into the election, since Clinton was the favorite to win.

" We had a trial run in June with the Brexit vote," said Scott Clemons, chief investment strategist at Brown Brothers Harriman. " Like with Brexit, investors and traders are realizing that is a process, not an event. ' Re seeing right now is a pretty predicable repositioning of portfolios.'

Trump' s victory may have wide implications on multiple fronts, including trade, taxes and foreign policy, among others. His win also puts into question the likelihood of a Federal Reserve rate hike. Market expectations for a rate hike in than simple fell to around 50 percent , Before holding around 76 percent, according to the CME Group' s FedWatch tool.

Overseas, European markets erased losses by late-morning ET, with the Stoxx 600 index 1.46 percent higher. In Asia, the Nikkei 225 shed more than 5 percent, however.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, dropped more than 20 percent to trade just above 14.

U.S. crude oil futures settled 29 cents at $ 45.27 a barrel.

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Symbol	Name	Price		Change	%Change
DJIA	Dow Industrials	18332.74		73.14	0.40%
S& P 500	S& P 500 Index	2139.56		8.04	0.38%
NASDAQ	NASDAQ Composite	5193.49		27.32	0.53%