US stocks move higher as banks surge with bond yields

Bond yields are climbing to their highest levels this year, which points to higher interest rates and bigger profits for banks from lending money.

Investors are selling companies that pay big dividends like utilities and phone companies as bonds become more appealing to investors seeking income.

Trump's election could result in big changes to the Dodd-Frank financial reform bill or to the Consumer Financial Protection Bureau.

Harman makes products for connected cars including audio systems and safety and entertainment features.

German industrial equipment company Siemens agreed to buy software maker Mentor Graphics for $4.5 billion, or $37.25 a share.

Shares of communication adapter maker Digi International rose $1.83, or 14.8 percent, to $13.38 after the company said it received an offer from Belden, a communications equipment company.

Stocks that pay large dividends, like phone and utility companies and real estate investment trusts, all traded lower.

Stocks went into a long skid as the presidential campaign came to its conclusion, but in the last few days stocks have risen as investors hope a Trump presidency will mean cutbacks in regulations that affect energy and banks, among other businesses.

The Dow has reached record highs, with the biggest recent gains going to financial firms Goldman Sachs and JPMorgan, machinery maker Caterpillar and drug company Merck.