Wall Street extends rally in sharp New Year’s rise

Wall Street Market Update

Wall Street rose sharply on Tuesday as a post-election rally extended into the new year, helped by gains in Verizon Communications and technology companies Alphabet and Facebook.

US stocks have surged over the past two months on expectations that President-elect Donald Trump will stimulate the economy with tax cuts and infrastructure spending and slash regulations in the financial industry.

The Dow Jones Industrial Average climbed 119.16 points, or 0.6 percent, to end at 19,881.76 points and the S&P 500 gained 0.85 percent to 2,257.83. The Nasdaq Composite added 0.85 percent to 5,429.08.

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