The daily business briefing: November 22, 2016

Markets hit record highs, Trump vows to quit Trans-Pacific Partnership on first day in office, and more

Donald Trump and Nigel Farage in Mississippi
(Image credit: Jonathan Bachman/Getty Images)

1. Markets close at record highs

All three of the main U.S. stock indexes extended a post-election rally to close at record highs on Monday, the first time that has happened since summer. The Dow Jones Industrial Average rose 0.47 percent, the Nasdaq Composite Index jumped 0.89 percent, and the S&P 500 Index advanced 0.75 percent, all setting intraday and closing records. Stock futures gained overnight, pointing to fresh records on Tuesday. The surge followed a rise in oil prices as OPEC appeared to near a deal to lower production. "I don't know if it will happen, but the market certainly hopes that it will," Robert Pavlik, chief market strategist at Boston Private Wealth, told CNBC about the pending deal. The markets also saw a jump in technology, led by Facebook.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.