Stock market soars

Dow Jones Industrial Average added 297 points and the S&P 500 Index gained 29 points.

NEW YORK — The Dow Jones industrial average and Standard & Poor’s 500 indexes soared to their biggest gains since the presidential election on Wednesday and set alltime highs.

Investors bought stocks that do well in times of faster economic growth, like technology and industrial companies, but they also snapped up stocks that pay large dividends.

Stocks moved steadily higher throughout the day after a mixed open. Phone and real estate companies made the largest gains, but the rally moved into high gear in the afternoon, as airlines, railroads and trucking companies soared.

Investors took the rally in transportation stocks as a sign of optimism about economic growth. Technology and consumer-focused companies also jumped. Biotech drug companies took steep losses after President-elect Donald Trump said he wants to reduce drug prices.

The transportation sector reached an all-time high for the first time in two years. Julian Emanuel, an equity strategist for UBS, said investors were pleased to see that record because they see it as a sign businesses will start spending more. “The consumer has really been the engine of the economy,” he said. “The missing piece has been the corporate side, the industrial side.”

The Dow Jones industrial average jumped 297.84 points, or 1.5 percent, to 19,549.62. The Standard & Poor’s 500 index rose 29.12 points, or 1.3 percent, to 2,241.35. The Nasdaq composite recovered from an early loss to rise 60.76 points, or 1.1 percent, to 5,393.76. That was about five points short of its all-time high.

The Russell 2000 index of small-company stocks also recovered from an early loss and set its own a record as it gained 11.84 points, or 0.9 percent, to 1,364.51.

U.S. government bond prices rose, sending yields lower. The yield on the 10-year Treasury note fell to 2.34 percent from 2.39 percent. Bond yields have risen sharply since the summer but have slipped in the last few days.

The lower bond yields have helped stocks that are seen as bond substitutes, like real estate investment trusts. Their big dividends are attractive to investors who want income, so when bond yields fall, investors often turn to those stocks. Industrial real estate company Prologis rose $1.62, or 3.2 percent, to $52.32 and Verizon picked up $1.02, or 2 percent, to $51.38.

A wide array of companies that stand to benefit from faster economic growth also climbed. Home improvement retailer Lowe’s rose $3.94, or 5.4 percent, to $76.40 and truck maker Paccar jumped $3.20, or 5 percent, to $67.63. U.S. Steel added $1.54, or 4.3 percent, to $37.49.