NEW YORK, Dec. 7 (UPI) — All three major U.S. stock indices had their best single-day performances since the election on Wednesday — with two climbing to new record highs.
The Dow Jones Industrial Average rose 298 points by the close of trading to finish at 19,549.62 — just 451 points shy of the 20,000-mark.
Some analysts have said the blue chip index could reach 20,000 by the end of the year — a possibility made far more likely by Wednesday’s performance.
The S&P 500 climbed 29 points to 2,241.35, also a new record high. The Nasdaq climbed 61 points to 5,393.76.
Wednesday’s rally continues the post-election surge on Wall Street, which has benefited greatly from speculation that President-elect Donald Trump’s policies will be a shot in the arm for the American economy.
Many experts predict the rally will continue into 2017 on the backs of a stronger U.S. dollar, a steady labor market, improved corporate earnings and a larger gross domestic product.
“Things were already improving before the election,” analyst Jeremy Zirin told The Wall Street Journal Wednesday. “What’s happened since is that many of the pro-growth trends have been exacerbated.”
Wednesday marked the best single-day performance for all three indices since Nov. 7, the day before the presidential election, when the FBI announced there was no new evidence to warrant charges against Democrat Hillary Clinton in her email review case.