Dow, S&P 500 surge to record high closes

FILE - This Monday, Aug. 24, 2015, file photo, shows the New York Stock Exchange. U.S stocks fell in early trading Tuesday, Dec. 8, 2015, following a sell-off in Asia and Europe as the price of oil continued to slide to seven-year lows. The losses were broad, with all 10 industry sectors of the Standard and Poor's 500 index down. (AP Photo/Seth Wenig, File)

NEW YORK (AP) – The Dow Jones industrial average and the Standard & Poor’s 500 index closed at record highs in a broad stock market rally on Wednesday.

The gains Wednesday were driven by stocks that tend to do well when the economy is growing, like consumer and technology companies, as well as stocks that pay high dividends, like phone and real estate companies.

It was the market’s biggest gain since early November.

Nike rose 3 percent, the biggest gain in the Dow Jones industrial average.

Drugmakers fell after President-elect Donald Trump said he wants to reduce drug prices.

The Dow surged 297 points, or 1.6 percent, to 19,549. The Standard & Poor’s 500 index climbed 29 points, or 1.3 percent, to 2,241. The Nasdaq composite gained 60 points, or 1.1 percent, to 5,393.

Those were record high closes for the Dow and S&P 500.

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