Dow tops 44,000 for the first time as Wall Street fueled by Trump win

The Dow surpassed 44,000 for the first time and the S&P 500 edged higher on Friday, putting them on course for their best week this year, as a sweeping Trump victory powered bets of a business-friendly agenda and an expected interest-rate cut eased pressure on the US economy.In recent trading, the Dow Jones Industrial Average, climbed 244 points, or 0.6%, to 43,974.The blue-chip index had jumped more than 300 points.The S&P 500 gained 0.4%, to 5,995, and the Nasdaq was up less than 1%.

Expectations of lower corporate taxes and looser regulations under Republican Donald Trump helped the S&P 500 and Dow notch intraday record highs for the third straight session.The Dow and the S&P 500 are set for their best week since last November, while the Nasdaq is on track for its best in two months and second-best week in 2024.The benchmark index crept close to the 6,000 mark as the upbeat market sentiment got a further boost from the Federal Reserve cutting the benchmark rate by 25 basis points on Thursday.Chair Jerome Powell said the election outcome would not have a “near-term” impact on the monetary policy, easing some immediate worries of higher inflation and public debt from Trump’s potentially high spending plans.“The move this week in stocks was extreme, and speaks volumes about just how much the market loves having certainty, which we have, now that the presidential election outcome is known,” said Clark Geranen, chief market strategist, CalBay Investments.“The S&P 500 closing in on the 6,000 mark could invite even more investor interest in stocks, since there is still plenty of money sitting on the sidelines in money market funds and in bonds.”Traders, however, have already cut expectations for rate cuts next year and bond yields have jumped to multi-month highs on worries of complications to the Fed’s monetary easing path from Trump’s expansionary policies.Powell said the central bank would begin estimating the impact...