Trump’s Wall Street Embrace Powers Banks En Route to Dow 20,000
(Bloomberg) -- 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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