Dow hits new record after GOP win

NEW YORK (CNNMoney)

As soon as the market opened Wednesday morning, the Dow leaped to a new all-time high of 17,481.3. The S&P 500 is near record territory as well.

The biggest celebration this morning is in the energy sector. Utilities and energy companies surged. Devon Energy (DVN) EOG Resources (EOG) and Chesapeake Energy (CHK) are the top gainers in the S&P 500, with plenty of others in the sector not far behind.

The reason?

"In the run up to the 2016 elections, we think the GOP will want to focus on a few issues they could quickly pass through Congress and get onto President Obama's desk," writes Bob Doll, chief equity strategist at Nuveen Asset Management.

Related: The stocks most likely to benefit for a GOP win

Those top issue are likely to include pushing through approval of the Keystone XL pipeline and making it easier to export liquified natural gas. This would be a huge win for energy companies, since other countries often have higher prices for natural gas than America.

First Published: November 5, 2014: 10:04 AM ET

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