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Dow Record Comes in Market Radically Polarized by Trump Victory

  • Banks surge to highest level since May 2008, drugmakers gain
  • Facebook, Amazon lead rout in tech shares; Nasdaq 100 off 2%
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Dow Closes at Record: Are Valuations Too High?

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The Dow Jones Industrial Average’s first record close in three months comes amid a market drawing increasingly bright lines between what it views as winners and losers in a Donald Trump presidency.

Consider that the 30-stock gauge’s 218-point ascent Thursday happened the same day the Nasdaq 100 Index dropped the most since September, their biggest divergence since the internet bubble burst. Weakness in technology stocks and a handful of defensive industries that soared in the first half held the S&P 500 Index’s gain to roughly a fifth of the Dow’s.