The US share market is heading for a record close in the aftermath Donald Trump's surprise win in the presidential election.

By 9.20 am NZT the blue chip Dow Jones Industrial Average was at 18,838 - up 248 points or 1.3 per cent, its highest ever point.

Banks and health-care shares surged on bets that a Trump administration would roll back regulatory scrutiny of the industries. Industrial shares rallied as the Republican plans to boost infrastructure spending, Bloomberg reported.

Technology shares plummeted, with losses mushrooming in the biggest names. Utility and real-estate stocks tumbled as a rout in bonds pushed the 10-year yield higher, dampening demand for the shares' relatively high dividend payouts.


Trump's promise to revive American infrastructure means commodities used to build everything from airports to bridges will benefit under his presidency, according to Goldman Sachs.

"Yields are moving their way higher, that's good for banks," said Art Hogan, chief market strategist and director of research for Wunderlich Securities in Boston told Bloomberg .

"If there's going to be a friendlier regulatory environment that's going to be good for banks. That's the tailwind behind financials we haven't seen for a long time," he said.

The New Zealand closed on Thursday with a 1.04 per cent gain on the NZX-50 index, after earlier jumping by 3.3 per cent on the index in the opening minutes of trade. Trade on the local market resumes at 10 am.