Stocks surge following Trump victory

NEW YORK (AP) Stocks closed sharply higher on Wall Street after Donald Trump’s upset victory over Hillary Clinton.

Investors hope his plans for infrastructure spending, tax cuts and lighter regulation will benefit the economy. Banks, drugmakers and industrial companies rose the most, while safe-haven assets like utilities slumped.

Bond prices dropped sharply, sending yields higher. The yield on the 10-year Treasury note went above 2 percent for the first time since January.

The Dow Jones industrial average rose 256 points, or 1.4 percent, to 18,589, within 50 points of the all-time high it set in August.

The Standard & Poor’s 500 index gained 23 points, or 1.1 percent, to 2,163. The Nasdaq composite climbed 57 points, or 1.1 percent, to 5,251.