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Dow chalks up best week in five years, closes at record high

Friday, November 11, 2016 - 01:12

The Dow Jones industrial average ended at a record closing high on Friday, capping off its best week since 2011 after Donald Trump's unexpected victory in the U.S. presidential election. Bobbi Rebell reports.

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The rally continued on Wall Street Friday, though the S&P 500 took a break. Still the Dow hit a new record high and the Nasdaq posted gains. For the week the Dow had its best performance since December of 2011. Wunderlich Securities Art Hogan: SOUNDBITE: ART HOGAN, CHIEF MARKET STRATEGIST, WUNDERLICH SECURITIES (ENGLISH) SAYING: "A lot of what happened in Brexit just happened in 24 hours here. And now we start thinking about what could be positive. Some of the regulatory environment, some of the tax changes, some of the things that might be positive for the market. Unwinding very crowded trades. Undoing the presumption that Hillary Clinton was going to win. And certainly that rotation out of some very crowded interest rate sensitive plays I think were the biggest drivers this week. We've gotten used to surprises, Brexit was a pretty good template for that. This was as big if not bigger surprise. The market has just gotten used to that and reacting much quicker. " Nvidia soared after the graphic chip maker reported its biggest quarterly revenue growth in more than six years. Walt Disney stock rose after its executives promised earnings growth for the next two years. Turning to Europe, stocks mostly lower on concerns over U.S. President-elect Donald Trump's economic stimulus policy.

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Dow chalks up best week in five years, closes at record high

Friday, November 11, 2016 - 01:12