US Markets

Dow 20,000 here we come, veteran technician Ralph Acampora says

Closing Bell Exchange: Trump wins, Dow nears record

Wednesday's postelection rally was "music" to veteran technician Ralph Acampora's "bullish ears" and it's not going to end anytime soon, he told CNBC.

The Dow Jones industrial average closed up about 250 points Wednesday, within striking distance of a record high, after Donald Trump's stunning victory.

Market reaction was initially negative on the news, with Dow futures plunging about 800 points before recovering most of those losses. That led Acampora to tweet "Buy this dip" earlier in the day.

And he wasn't concerned about the market overdoing the rally by the afternoon.

"Dow 20,000 here we come," the director of technical research at Altaira Capital Partners said in an interview with CNBC's "Closing Bell."

He believes it will get there by the end of the year.

Acampora said financials, drugmakers and industrials are all going to pick up momentum and help lead the market higher.

"People are going to realize the world is not coming to an end," he said.

With Trump "breaking the binds" of regulation, "that's got to be great for business."