Dow industrials index shatters its record

The Dow Jones industrial average climbed to 1,053.98 at 3:26 p.m. Eastern time Wednesday, breaking through its all-time closing high of 1,051.70, set Jan. 11, 1973.

The bond market was also staging a huge rally on investor belief that the election results would prod the Federal Reserve Board to cut its discount rate and drive interest rates lower. Volume was runing a hefty 115,980,000 shares at 3:30 p.m.