U.S. stocks rose sharply on Wednesday in a dramatic turnaround from deep overnight losses as Wall Street embraced the upset presidential election victory of Republican Donald Trump. Bobbi Rebell reports.
A post election rally on Wall Street despite an overnight selloff fueled by the stunning victory of Republican Donald Trump. Investors snapped up stocks in sectors that appeared poised to benefit from the policies of a Trump presidency including healthcare and financials, which are expected to face less regulation. Sam Stovall of CFRA: SOUNDBITE: SAM STOVALL, CHIEF INVESTMENT STRATEGIST, CFRA (ENGLISH) SAYING: "I think because both candidates are now sounding like adults. Because President-elect Trump is sounding very conciliatory towards the other side also emphasizing the need for us to work in a unified fashion, I think that is sending a positive message to those on Wall Street." Caterpillar stock rose. Investors betting U.S. manufacturers like the heavy equipment maker will benefit from expected changes in energy, climate and tax policies. Time Warner shares fell on concerns that President-elect Donald Trump will block their deal to be bought by AT&T. European markets surged on the U.S. election results focusing on plans to boost infrastructure planning and cuts in corporate taxes.