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Business

Dow Jones hits new high as global rebound still intact

Stocks on Wall Street have opened higher as financial markets have put behind the nervousness that had beset them after Donald Trump's election victory. Investors were surprisingly upbeat also in other world regions.

The Dow Jones industrial average hit a new all-time high, opening  0.7 percent stronger on Wall Street Thursday as investors seemed to return to "business as usual" after Donald Trump's election victory.

The broader S&P 500 index was up 0.6 percent, with the technology-focused Nasdaq composite gaining 0.6 percent after trading started, before shedding some 2 percent in early trading. Banks and other financial stocks logged the biggest jumps.

Developments on Wall Street reflected the upbeat mood among investors in other parts of the world which also experienced a rebound in share prices, meaning that the market mood had turned around dramatically since the immediate aftermath of Trump's victory, which had prompted widespread, but only temporary selling.

The only way is up

Earlier in the day, Asian shares posted hefty surges as they responded to the optimism in Europe and the US the night before. Japan's benchmark Nikkei 225 was the standout performer, rocketing 6.7 percent after sliding more than 5 percent on Wednesday.

Watch video 01:10

Markets warm up to Trump

Taking comfort from Trump's comments that he will look to unify a deeply divided nation, investors now keep focusing on his promises to boost US economic growth through infrastructure spending and by cutting red tape, while uncertainties such as what he might do with trade agreements are obviously being put on the back burner.

In Europe, Britain's FTSE 100 was up too, and so were France's CAC 40 and Germany's blue-chip Dax. Although the latter closed in negative territory (-0,15 percent).

"Investors are keen to focus on the positive aspects of a Trump presidency rather than some of the more worrying pledges made during the campaign," OANDA senior market analyst Craig Erlam said in a statement.

hg/sri (Reuters, AP)

 

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