US stocks notched fresh records, capping a week when the Dow Jones Industrial Average breached 19,000 for the first time, as investors continued to bet on a pickup in economic growth and rising corporate profits.

The gains were modest but broad, with utilities rising the most, up 1.4%.

US market indexes have been rising since the presidential election and this is the third consecutive week of gains as investors anticipate reduced corporate taxation and regulation, as well as greater infrastructure spending, under a Trump administration.

Since the election on 8 November, the Dow industrials are up 4.5%. If the markets hold, they will be on track to end the year with 9.9% gains – their best since 2013.

Analysts say the markets are rising on recent signs of a pickup in growth in several other major economies around the world.

“We haven’t had a synchronized bounce in growth across the globe ever in this recovery,” Jim Paulsen, chief investment strategist for Wells Capital Management, told the Associated Press.

“This is the first time you’re getting all the economic boats going north at the same time, and I think stock markets are reflecting that.”

The stock market is benefitting from an exodus of cash from government bonds as well as real estate and gold even as investors anticipate interest rates rises next month.

“The surprising thing after the election was not that we rallied to this level, it was the speed at which we got there,” Scott Wren, senior global equity strategist at Wells Fargo Investment Institute told the Wall Street Journal.

Wren added that “there is a lot of enthusiasm out there” for Trump’s policies, including spending on infrastructure, relaxing regulation for big banks and cutting taxes.

Stock trading closed at 1pm eastern time. Trading was relatively quiet as investors returned from the Thanksgiving holiday.