Wall Street ended mixed on Thursday afternoon, with the Dow Jones Industrial Average pushing to record high levels and the S&P 500 stronger on a rally in financials and industrials, but weakness in a number of tech heavyweights, including Apple ( AAPL ), Microsoft ( MSFT ) and Amazon.com ( AMZN ), weighed on the Nasdaq Composite.
Two days after the election, speculation about how a Donald Trump presidency will unfold continued to drive markets. Six of the 11 S&P sectors were stronger, led by a gain of 3.7% in financials and a 1.2% increase in health care stocks amid speculation that regulations in those industries might be loosened. Industrials rose 2.1%.
Two-thirds of the components on the Dow rose, with JPMorgan Chase ( JPM ) as the top performer. Multiple outlets reported its CEO, Jamie Dimon, is being considered as Trump's treasury secretary. Consumer staples fell 2.8% in the steepest decline while telecommunication services and utilities -- sectors seen as defensive during riskier times -- were down 2.3% and 2.5% respectively.
Apple ( AAPL ) retreated as CNBC cited a note from analysts at Baird as saying that with a Trump presidency there could be meaningful changes in global trade policies that could have a negative impact. Facebook ( FB ) and Amazon.com ( AMZN ) were also down, with the latter declining amid speculation the firm could be affected by negative comments made by Trump about it during campaign.
In economic data, initial jobless claims fell 11,000 to 254,000, well below estimates for a drop of 2,000 to 263,000. Friday's agenda has just the preliminary November University of Michigan consumer sentiment index at 10 a.m. ET.
Here's where the markets stood by the close:
Dow Jones Industrial Average was up 218.1 points (+1.17%)
S&P 500 was up 4.22 points (+0.2%)
Nasdaq Composite Index was down 42.28 points (-0.81%)
FTSE 100 was down 1.21%
Nikkei 225 was up 6.72%
Hang Seng Index was up 1.89%
Shanghai China Composite Index was up 1.37%
(+) TUBE (+81.75%) To be acquired by Adobe (ADBE) for $540 million
(+) MVIS (+19.13%) Partnering with STMicroelectronics (STM) on laser beam scanning technology
(+) SODA (+16.22%) Reported better-than-expected Q3 profit and sales
(+) HALO (+6.39%) Collaborating with Roche on drug combination for tumors
(+) M (+5.6%) Posts mixed Q3 results but raises FY16 sales outlook
(-) SUNW (-24.74%) Reports unexpected Q3 loss, revenue misses estimates
(-) QNST (-17.51%) Fiscal Q1 misses views; plans revamp to cut costs
(-) TWER (-15.49%) Swapped $5 million in debt for stocks
(-) PPP (-7.01%) Reported a loss for Q3, lowered full-year production guidance
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