Stocks surge following Trump victory

Traders Gregory Rowe, left, and Robert Finnerty work in their booth on the floor of the New York Stock Exchange, Wednesday, Nov. 9, 2016. Stocks are moving solidly higher in midday trading on Wall Street following Donald Trump's upset victory over Hillary Clinton in the U.S. presidential election. (AP Photo/Richard Drew)
Traders Gregory Rowe, left, and Robert Finnerty work in their booth on the floor of the New York Stock Exchange, Wednesday, Nov. 9, 2016. Stocks are moving solidly higher in midday trading on Wall Street following Donald Trump's upset victory over Hillary Clinton in the U.S. presidential election. (AP Photo/Richard Drew)

NEW YORK (AP) — Stocks are closing sharply higher on Wall Street after Donald Trump’s victory over Hillary Clinton.

Investors hope his plans for infrastructure spending, tax cuts and lighter regulation will benefit the economy. Banks, drugmakers and industrial companies rose the most, while safe-haven assets like utilities slumped.

Bond prices dropped sharply, sending yields higher. The yield on the 10-year Treasury note went above 2 percent for the first time since January.

The Dow Jones industrial average rose 256 points, or 1.4 percent, to 18,589, within 50 points of the all-time high it set in August.

The Standard & Poor’s 500 index gained 23 points, or 1.1 percent, to 2,163. The Nasdaq composite climbed 57 points, or 1.1 percent, to 5,251.

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