Dow hits all-time high after wild day of trading

Source: The Hill | November 9, 2016 | Sylvan Lane

The Dow Jones industrial index hit an an all-time high Wednesday, reversing a massive drop triggered by President-elect Donald Trump’s improbable win.

The Dow surged more than 300 points briefly Wednesday afternoon, finishing with a 250-point rise. The Nasdaq and Standards and Poor’s 500 industrial index rose roughly 1 percent each.

Wednesday’s surge reflects a promise of business-friendly, growth-focused policies from Republicans, who gained control of the White House while maintaining control of Congress.

Stocks initially plummeted as Trump’s election became clearer Tuesday night and early Wednesday morning. Dow Jones futures tanked more than 800 points, and trading on Nasdaq and S&P futures was halted until morning open.

Markets struggled to make sense of Trump’s win by sunrise before certain industries posted huge gains. Stocks for private prisons and coal companies boomed, while gun and marijuana company shares fell.

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