After a brief early downturn Wednesday, the day after Donald Trump’s upset victory over Hillary Clinton the Presidential election, stocks rallied on hopes of lower taxes and more favorable business regulations under the new regime.
The Dow Jones Industrial Average finished Nov. 9 up 256.95 points to 18,589.69, after a brief downturn earlier in the morning. Investors apparently were encouraged by Trump’s past promises to lower taxes and eliminate unnecessary business regulations to spur the economy.
Media stocks, which were down between 1% and 2% earlier in the day, rallied too. Charter Communications finished the day up 3% ($7.61 each) to $269.87 per share, Dish Network rose 2.2% ($1.25) to $57.93 and Comcast closed the day at $63.45 per share, up 1.5% (93 cents) each. Programmers also saw gains, with Viacom up 1.7% (63 cents) to $37.98; 21st Century Fox up 1.3% (36 cents) to $27.45 and QVC Group up 3.2% (62 cents) to $20.25.
Time Warner shares were down 1.6% ($1.43 each) to $86.44 per share, while AT&T shares rose 1.1% (42 cents) for the day. AT&T and Time Warner announced their $108.7 billion merger late last month, a union that Trump said he would block if President.