Dow Achieves Best Week In Five Years Following Donald Trump’s Win In Presidential Election
By FOX NEWS // November 13, 2016
ABOVE VIDEO: GAMCO Investors CEO Mario Gabelli on the market impact of Donald Trump’s election victory.
(FOX NEWS) – A whipsaw week powered by election uncertainty for markets ended on a high note as the Dow notched a fresh record high and the best five-day period since 2011.
On Friday, equities took a bit of a breather from a two-day stretch of solid gains fueled by Donald Trump’s surprise victory on election night and the perception of a pro-business president taking over the White House. As evidence of the calm that settled over stocks, the Dow crossed the unchanged line more than 150 times during the session.
By the closing bell, the Dow Jones Industrial Average rose 37 points or 0.20% to 18845, and leaping more than 5% for the week. The broader S&P 500 finished down by three points, but not before tacking on weekly gains of 3.79%.
Weighing on momentum was a drop in energy shares, which sank 2% during the trading day as oil prices fell more than 3% in reaction to data from OPEC showing output reached another record. The figures fueled worries about the viability of a potential plan to limit production aimed at easing global oversupply.
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