Trump’s Wall Street Embrace Powers Banks En Route to Dow 20,000by
Goldman Sachs, JPMorgan are up at least 20% since election
The two banks account for about a third of Dow’s increase
With the Dow Jones Industrial Average on the cusp of completing its fastest trip between 1,000 point milestones, two bank stocks whose market value has increased by $76 billion since Donald Trump’s election stand out as the engine behind the surge.
Goldman Sachs Group Inc. and JPMorgan Chase & Co., the best performers since the Nov. 8 vote with gains exceeding 20 percent, account for roughly one-third of the 1,578-point increase in the 120-year-old gauge. The 30-member gauge closed Tuesday within 0.5 percent of 20,000 less than a month after it broke through 19,000.
* The Dow closed at a record for a seventh straight day, extending its gain since the election to 8.6 percent.
* All but five members in the gauge have climbed since Nov. 8, with eight jumping more than 10 percent.
* Other leaders include Caterpillar Inc., UnitedHealth Group Inc., Travelers Cos. and Walt Disney Co.
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