Shares in the US rallied higher on Wednesday afternoon as gains in telecoms and consumer sector stocks overshadowed declines in the health care group that came after President-elect Donald Trump vowed to bring down drug prices.
The Dow Jones Industrial Average and the Standard & Poor’s 500 rose to record highs on widespread sector gains, while the Nasdaq pulled ahead, although shy of its all-time peak. Ten of the 11 sectors on the S&P rallied, with telecommunication services surging 2.1%, real estate adding 1.4% and consumer discretionary climbing 1.3%.
On the Dow 26 of the 30 blue-chips posting gains with American Express (AXP) leading the way on a 2.6% advance, while Home Depot (HD) increased 2.5%.
Stocks have rallied in the month since Trump’s surprise election victory on hopes for lower corporate taxes, infrastructure spending and policies that will bolster economic growth. But comments by Trump in an interview with Time (TIME) that he would bring down drug prices sent health care stocks lower on Wednesday, with the S&P sector retreating 1.2%.