Bank stocks and industrials surged on Thursday, pushing the Dow to a record closing high, while Apple and other technology shares sank as Wall Street rearranged its bets to benefit from Donald Trump's presidency. Bobbi Rebell reports.
Bank stocks and industrials surged sending the the Dow to a new record high on optimism about a Trump presidency, though tech stocks brought down the Nasdaq as money shifted to industrial stocks. Goldbean CEO Jane Barratt: SOUNDBITE: JANE BARRATT, CEO, GOLDBEAN (ENGLISH) SAYING: "The market has spoken today, for sure, and yesterday in terms of the industrials and what we call old America in terms of manufacturing, mining, transportation and of course financial services. " The financial sector in fact posting its biggest two-day gain since 2011, with shares of Wells Fargo, JP Morgan and Bank of America all posting very strong gains. The market also got a lift after St. Louis Federal Reserve President James Bullard said the Republican sweep of the White House and Congress could break the current gridlock over national policy in a potential boon to the U.S. economy. Macy's stock soared. The company raised its outlook and struck a deal with Brookfield Asset Management that will help capture more value from its real estate assets. In Europe the major indexes took a step back on weakness in utilities which offset gains in financials.