The Dow surged 297.84 points to a record 19549.62 and the S&P 500 hit a new high in the biggest rally since the election.

Drug and biotech stocks retreated after Trump vowed in a magazine article to crack down on drug prices.

The CEOs of AT&T and Time Warner defended their proposed $85 billion merger to skeptical lawmakers at a Senate panel hearing.

Shell signed a pact with Iran's oil company, signaling that Trump's vow to undo the nuclear deal is unlikely to deter energy firms.

Merrill will require brokers to make at least two client referrals to other parts of Bank of America next year to avoid a pay cut.

U.S. exporters are bracing for tough times due to the strong dollar, but European firms see opportunities.

Russia sold a 19.5% stake in Rosneft to a Glencore consortium and Qatar in a deal valued at $11.3 billion.

Pfizer was hit with a $107 million fine by a U.K. regulator that alleged it overcharged for an epilepsy drug.

Trump said he would negotiate prices with Boeing for Air Force One planes.

Hopes for a SoftBank deal in the U.S. have been raised by a meeting with Trump.

The Senate cleared a measure that speeds FDA review of new drugs and medical devices.

Credit Suisse reduced profit targets but also committed to more cost cuts.

 

(END) Dow Jones Newswires

December 08, 2016 02:47 ET (07:47 GMT)

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