U.S. stocks trade mixed around midday after Trump victory

U.S. stocks traded mixed around midday Thursday as Wall Street continued to digest Tuesday's presidential election.

By noon, the Dow Jones Industrial Average gained 126.01 points, or 0.68 percent, to 18,715.70. The S&P 500 fell 3.87 points, or 0.18 percent, to 2,159.39. The Nasdaq Composite Index dropped 71.10 points, or 1.35 percent, to 5,179.97.

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.

The 4-week moving average was 259,750, an increase of 1,750 from the previous week's revised average. Enditem