Wall Street rallies on tech, airline stocks

By Ovunc Kutlu

NEW YORK (AA) – Wall Street rallied to new records Wednesday with technology and airline stocks among the winners.

The Dow added 297 points, or 1.5 percent, to close at 19,549. The S&P rose 29 points, or 1.3 percent, to finish at 2,241. And, the Nasdaq increased 60 points, or 1.1 percent, to end the day at 5,393.

The Dow and the S&P each closed at new all-time highs.

Tech stock continued to increase Wednesday with shares of Twitter up 6.8 percent, while data storage company Western Digital jumped 8.3 percent.

Airlines also posted gains. American Airlines and Southwest Airlines saw their stock prices increase 4.9 percent and 4.5 percent, respectively.

It is believed a proposal by President-elect Donald Trump to cut corporate taxes will increase profits and economic growth, according to analysts.