Why markets are loving Trump


THE QUOTE: "But some analysts urged caution on such optimism, while noting that USA markets" being closed later in the day for Veterans' Day may help ease some of the market swings.

Utilities also suffered, falling 2.5 percent in the S&P 500, as investors pulled back from bonds and their stock-market proxies.

Investors are also considering what a Trump presidency means for Federal Reserve policy and the trajectory of interest rates. Natural gas lost 6 cents, or 2.2 percent, to $2.63 per 1,000 cubic feet.

Sliding tech shares weighed on the Nasdaq Composite Index (NYSEARCA:QQQ), which fell 0.8% to 5,208.80.

In the United States, stocks fluctuated in whipsaw trading with the Dow Jones Industrial Average spinning near a record, as investors speculate how Mr Trump's policies will impact the economy and interest rates. While banks and health-care tended to experience a surge in anticipation of decreased regulation, and industrial companies saw gains thanks to talks of infrastructure spending, tech stocks have dropped significantly.

The Dow, which contains just 30 stocks, gained 147 points, or 0.8 percent, to 18,73.

The S&P 500 index was off 7 points, or 0.4%, to 2,159, with eight of the 11 main sectors trading lower.

The dollar rose against most major peers, while government bonds extended their selloff as Trump's win bolstered bets on faster inflation.

The gains in US -based manufacturing and defense companies - €”on expectations of greater government spending under president-elect Donald Trump - €”came at the expense of real-estate firms and utilities, which slid alongside government bond prices.

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The Dow Jones Industrial Average rallied to a record close on Thursday as investors continued to revise their strategies and reposition portfolios in response to Donald Trump's unexpected presidential election victory.

The Dow climbed 190 points, or 1 percent, to 18,780 as of 1:23 p.m.

Stocks are closing mostly higher on Wall Street as a post-election rally loses steam. AT&T lost 87 cents, or 2.3 percent, to $36.57, while Verizon slid $1.17, or 2.4 percent, to $46.69.

ENERGY: Benchmark U.S. crude was down 50 cents, or 1.1 percent, at $44.77 a barrel in NY.

The CBOE Volatility Index rose 3.7 percent on Thursday. Brent crude, used to price global oils, lost 23 cents to $45.61 a barrel in London.

The U.S. currency rose to 106.83 yen from 105.84 yen on Wednesday, while the euro slid to $1.0890 from $1.0930.

European shares opened strongly, with France's CAC 40 jumping 1.2 percent to 4,596.34 and Germany's DAX leaping 1.2 percent to 10,776.93. The Mexican peso continued to weaken against the dollar.

Craig Erlam, senior market analyst at OANDA, said: "Trump's speech following the victory was hugely influential in yesterday's sudden U-turn, as he focused more on unity and the need to spend to get the economy growing again".

South Africa's Gold Fields Ltd and Silver Standard Resources Inc have made three joint, unsolicited bids for Canada's Kirkland Lake Gold and recently sweetened their offer to about $1.4 billion, three sources familiar with the process said.