The Dow's first record close in three months comes amid a market drawing increasingly bright lines between what it views as winners and losers in a Donald Trump presidency.

Consider that the 30-stock gauge’s 218-point ascent Thursday happened the same day the Nasdaq 100 Index dropped the most since September, their biggest divergence since the Internet bubble burst. Weakness in technology stocks and a handful of defensive industries that soared in the first half held the S&P 500’s gain to roughly a fifth of the Dow’s.

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