U.S. stocks opened higher on Monday, with the Dow Jones Industrial Average hitting a record high, as Donald Trump's victory in the U.S. presidential election continued to lift the market.
The DJIA rose 67.12 points, or 0.36 percent, to 18,914.78, the S&P 500 gained 4.63 points, or 0.21 percent, to 2,169.08 and the Nasdaq composite added 7.94 points, or 0.15 percent, to 5,245.05.
The market rebound comes after a steep drop in the Dow immediately following Trump's defeat of Hillary Clinton on Nov. 8.
Dow Jones Industrial Futures fell 500 points — or 3 percent — Tuesday night, reflecting an uncertain mood regarding the impact of Trump's presidency on the economy. Less than a week later, markets showed signs of confidence in the president in waiting.
Trump's win ushered in a two-day rush from bonds to stocks, wiping out more than US$1 trillion across global bond markets worldwide on bets that plans under a Trump administration would boost business investments and spending while firing up inflation.
The stampede from bonds propelled longer-dated U.S. yields to their highest levels since January, with the 30-year yield posting its biggest weekly increase since January 2009, Reuters data showed.
In the stock market, the blue-chip Dow Jones Industrial Average finished out its best week in five years on Friday as it marked a record high close.
The initial response to Trump's victory was compared to the financial markets' response to Brexit, where European stocks were sold off violently after the Brexit vote, but by mid-August had recovered all the losses.
Meanwhile, U.S. shale producers are redeploying cash, rigs and workers, cautiously confident the energy sector has turned a corner after Trump's election victory, as well as OPEC's recent signal that it plans to curb production.
The dollar surged to an 11-month high against a basket of major currencies on Monday, also on the expectation of higher inflation during Trump's administration. The dollar index rose 1 percent to 100.04, its highest since last December, before also easing back slightly.