U.S. stocks surge in wake of Trump victory

U.S. stocks rose in heavy trading, with the Dow Jones Industrial Average briefly eclipsing its all-time closing high, as shares of banks to heavy equipment manufacturers rallied amid speculation Donald Trump will pursue business-friendly policies.

JPMorgan Chase Co. rose 4.6 percent to a record, and Goldman Sachs Group Inc. had its best one-day gain in over four years.

Companies gaining on Trump’s plans to boost infrastructure spending included equipment provider United Rentals Inc., capped its steepest advance in almost eight years, while Caterpillar Inc. added 7.7 percent, the most since 2011 .

Wells Fargo Co. and Bank of America Corp. gained more than 5 percent, with Wells Fargo jumping the most since 2012 .

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