The daily business briefing: November 11, 2016

1. Dow index rises to record high as stocks continue post-election rally

U.S. stocks rallied Thursday for a second straight day since Donald Trump's election as the next president. The Dow Jones Industrial Average jumped by 218 points, or 1.2 percent to close at 18,807.88, although futures trading pointed to a slightly lower open on Friday. The Standard & Poor's 500 index gained 0.2 percent to close near a record. The tech-heavy Nasdaq composite fell by 0.8 percent. Before Election Day, investors were jittery about Trump, who has promised to rock the boat by scrapping or renegotiating trade agreements, but since he upset Democrat Hillary Clinton, his growth-friendly promises of fiscal spending and reduced taxes and regulation have buoyed markets.

USA Today

2. ObamaCare sign-ups surge after Trump's election

More than 100,000 people signed up for ObamaCare plans the day after Donald Trump — who has vowed to repeal and replace the health care law — was elected president. That was the most in a single day on Healthcare.gov since this year's open enrollment period started on Nov. 1, the Obama administration said Thursday. "That's an indication of the intense demand for the kinds of offerings that are available to people at Healthcare.gov," said White House Press Secretary Josh Earnest.

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USA Today

3. Alibaba heads for record Singles Day sales

Chinese e-commerce giant Alibaba appeared to be breaking sales records in its annual Singles Day sale on Friday. Twelve hours into the shopping event, which started out in the '90s as a tongue-in-cheek celebration of young lonely hearts, sales totaled $12.1 billion, approaching last year's record of $14.3 billion. Sales hit $5 billion in the first hour, a milestone reached after 90 minutes last year. Some skeptics questioned the numbers, saying some online retailers across China might have inflated sales data. Alibaba reported that 85 percent of this year's transactions were made using mobile phones.

BBC News CNBC

4. Disney profits fall, missing expectations

Walt Disney Co. posted fourth-quarter profits that fell short of expectations, partly due to weak advertising at ESPN and other cable TV networks. Disney, the world's largest entertainment company, earned $1.10 per share, excluding certain items; analysts surveyed by Bloomberg had predicted $1.16 per share. Disney CEO Bob Iger promised better days next year, however, as new ways of getting premium content to viewers, such as "skinny bundles" of streaming video, bring in more subscribers.

Bloomberg CNBC

5. Tech stocks fall in reverse of broader post-election rally

U.S. tech stocks headed for another decline at the opening bell on Friday, with Nasdaq-100 futures down 40.75 points, or 0.9 percent, after the index's 0.8 percent drop on Thursday. Other stocks, such as banks, jumped due to expectations of business-friendly policies promised by President-elect Donald Trump. Technology companies are falling partly due to fears about the impact Trump will have on trade overseas, which is key to tech companies' success. Some analysts said, however, that the fall was no surprise given that tech stocks had risen by 11 percent this year by Election Day. "There's been these violent moves as investors try to sort out what the election means," said Terry Morris, manager director of equities at BB&T Institutional Investment Advisors. "These exaggerated moves are just that, and I think we're going to come back to more reasonable valuations."

MarketWatch Bloomberg