The Dow Jones Industrial Average opened at a record high today, driven by financial stocks, after the index capped off its best week since 2011 following Donald Trump’s unexpected victory in the U.S. presidential election.
Since Trump’s triumph last Tuesday, investors have been betting on his campaign promises to simplify regulation in the health and financial sectors and boost spending on infrastructure.
The financial index rose 2.18% to its highest level since 2008. Goldman Sachs and JPMorgan Chase provided the biggest boost to both the S&P 500 and the Dow. Stock markets around the world were affected by a continued selloff in the global bond market as investors looked for more clarity regarding Trump’s policies.
Chinese Steel Output Increases in October
China’s steel output rose 4% to 68.51 million metric tons in October from a year ago, government data showed, as steel mills in the world’s top producer further expanded production.
Total output for the first 10 months of 2016 edged up 0.7% to 672.96 mmt, data from the National Bureau of Statistics also showed on Monday.