US stocks surge in early trading; DOW crosses 21,000 points

U.S. stocks surged in early trading Wednesday, pushing the Dow Jones industrial average above 21,000 points for the first time. Banks and other financial stocks led the gainers amid fresh expectations that interest rates will rise. Energy companies also rose as oil prices headed higher. The rally came a day after President Donald Trump addressed Congress, reiterating plans to cut taxes and push for other business-friendly policies.

KEEPING SCORE: The Dow jumped 242 points, or 1.2 percent, to 21,055 as of 10:07 a.m. Eastern Time. The Standard & Poor's 500 index gained 24 points, or 1 percent, to 2,387. The Nasdaq composite index added 59 points, or 1 percent, to 5,885. Small-company stocks continued to outpace the rest of the market, a bullish signal on the economy. The Russell 2000 index rose 24 points, or 1.7 percent, to 1,410.