Dow, S&P reach new record highs

Associated Press

NEW YORK

The Dow Jones industrial average and Standard & Poor’s 500 indexes soared to their biggest gains since the presidential election on Wednesday and set all-time highs. Investors bought stocks that do well in times of faster economic growth, like technology and industrial companies, but they also snapped up stocks that pay large dividends.

Stocks moved steadily higher throughout the day after a mixed open.

Phone and real-estate companies made the largest gains, but the rally moved into high gear in the afternoon, as airlines, railroads and trucking companies soared. Investors took the rally in transportation stocks as a sign of optimism about economic growth.

Technology and consumer-focused companies also jumped. Biotech drug companies took steep losses after President-elect Donald Trump said he wants to reduce drug prices.

The transportation sector reached an all-time high for the first time in two years.