NEW YORK (AP) — Stocks are leaping to all-time highs in a broad rally Wednesday afternoon. Investors are seeking out stocks that pay large dividends as well stocks that tend to do better in times of faster economic growth, like technology and industrial companies. Drug companies are taking steep losses after President-elect Donald Trump said he wants to reduce drug prices.
KEEPING SCORE: The Dow Jones industrial average jumped 272 points, or 1.4 percent, to 19,524 as of 2:20 p.m. Eastern time. The Standard & Poor’s 500 index rose 23 points, or 1 percent, to 2,235. The Nasdaq composite recovered from an early loss to rise 50 points, or 0.9 percent, to 5,382, and remains below its all-time high. Sharp drops in big biotechnology companies like Celgene were holding back the Nasdaq’s gains.
RECORD RECAP: The Dow closed at a record high on Tuesday. So did the Russell 2000, an…