NEW YORK, Nov. 10 (UPI) — It was less than 48 hours ago that the Dow Jones Industrial Average plummeted 800 points on the heels of Donald Trump‘s stunning election, but Wall Street made that feel like eons ago with more gains on Thursday.
The Dow pushed forward with its monumental comeback and climbed another 218 points by the end of trading Thursday to finish at a new all-time high of 18,807.88 — propelled by investors scooping up shares of large banks and industrial companies.
Aside from its election night sputter, the index is now up 5 percent for the week.
“Optimism took over and it continues to be the market’s mantra,” analyst Brian Nick told the Wall Street Journal. “Optimism about the agenda, optimism about growth moving forward. The market is looking to 2017 and saying, ‘maybe we’ll have the right mix of taxes and growth.'”
Stocks are also getting a boost from expectations that Trump administration spending and tax cuts will spur inflation and grow bond yields.
The tech-heavy Nasdaq suffered losses on Thursday over concerns that trade limitations and immigration policies under Trump will negatively impact the technology sector.
“Immigration is a huge component for how these companies attract and retain talent,” analyst Daniel Morgan said.
The election night jitters on Wall Street have completely subsided as investors are now beginning to get excited at the prospect of an economic stimulus under the successful billionaire’s leadership — one of the issues that many experts and voters believed favored Trump over Democrat Hillary Clinton.
“The rally could represent investors taking a breath and looking at these potential positives in terms of seeing government actually move economic policy forward,” strategist David Rosenberg said.
On Wednesday and Thursday, the Dow soared a combined 474 points.