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Dow chalks up best week in five years, closes at record high
[Reuters] The Dow Jones industrial average ended at a record closing high on Friday, capping off its best week since 2011 after Donald Trump's unexpected victory in the U.S. presidential election.Since his triumph on Tuesday, investors have been betting on Trump's campaign promises to simplify regulation in the health and financial sectors and boost spending on infrastructure. "Wall Street is going to be watching a lot of (Trump's) appointments and policy announcements to see whether it validates the more optimistic tone we've seen in the markets in the past few days," said Alan Gayle, senior investment strategist and director of asset allocation at RidgeWorth Investments in Atlanta, Georgia. The S&P 500 financial index .SPSY has gained 8 percent in the past three sessions and risen to levels not seen since 2008 during the financial crisis. The financial index has still not recovered to levels seen before the crisis. Industrials .SPLRCI have surged 5 percent since the election and healthcare .SPXHC is up 3 percent. Tempering sentiment among stock investors, Federal Reserve Vice Chairman Stanley Fischer said on Friday economic growth prospects appear strong enough for a gradual hike in interest rates, but the U.S. central bank is monitoring an increase in long-term government borrowing costs. Con't. Posted by: Besoeker 2016-11-13 |
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