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U.S. stocks open higher after Trump victory

Xinhua, November 10, 2016 Adjust font size:

U.S. stocks opened higher Thursday as Wall Street continued to digest Tuesday's presidential election.

Donald Trump defeated his Democratic rival Hillary Clinton in Tuesday's presidential election. Trump addressed the nation at the Hilton hotel ballroom in midtown Manhattan, saying: "I'll be a president for all Americans."

While there is still an edge of uncertainty, Wednesday's markets chose to focus on elements from Trump's acceptance speech, in which he discussed spending on infrastructure projects that could boost growth.

U.S. stocks gained for a third straight session Wednesday, with all three major indices jumping over 1 percent.

"Wall Street is benefiting from Trump's anti-regulation stance versus Clinton. Clinton had several election measures viewed as adverse to Wall Street such as raising capital gains tax, further regulation and a high frequency trading transaction tax," said Brendan Ahern, chief investment officer of U.S. fund company KraneShares.

The market is expecting adjustments to Dodd Frank, the Volcker Rule and other regulations put in place over the last eight years, he added.

On the economic front, in the week ending Nov. 5, the advance figure for seasonally adjusted initial claims was 254,000, a decrease of 11,000 from the previous week's unrevised level of 265,000, the U.S. Labor Department reported Thursday.

Shortly after the opening bell, the Dow Jones Industrial Average rose 67.32 points, or 0.36 percent, to 18,657.01. The S&P 500 added 8.58 points, or 0.40 percent, to 2,171.84. The Nasdaq Composite Index was up 29.09 points, or 0.55 percent, to 5,280.16. Endi