Wall Street remained divided on Thursday as investors tried to gauge the types of policies president-elect Donald Trump could enact.
The S&P 500 added 0.33%, the Dow Jones Industrial Average rose 1.3%, and the Nasdaq fell 0.6%. The Dow hit a new record of 18,810 in intraday trading and was on track to close out with its best four-day gain in eight years.
Trump won the Electoral College on Tuesday evening but fell short of the popular vote. Markets had priced in a victory for Democratic candidate Hillary Clinton, a result which would have carried less uncertainty over the types of policies she would implement.
"Our bottom line is that the equity rally from the overnight lows was largely anchored on the fact that the 2016 election actually played out according to historical norms," said Nicholas Colas, chief market strategist at Convergex. "Americans voted, a clear winner emerged and his party converged around him, the loser conceded, and the sitting president gave the customary unity speech. That such a dramatic and divisive election was settled in such a prosaic way was very good news indeed. As for the coming days, we see equities continuing to move higher."
A selloff in tech stocks pulled the Nasdaq sharply lower. Industry leaders including Amazon (AMZN) , Apple (AAPL) , Alphabet (GOOGL) and Microsoft (MSFT) were all deep in the red, while the Technology SPDR ETF (XLK) fell 1.3%.