Market Insider

Goldman Sachs hits new record high along with stock indexes

Lloyd Blankfein, chairman and CEO of Goldman Sachs at the World Economic Forum in Davos, Switzerland.
David A. Grogan | CNBC

The major U.S. equity indexes weren't the only ones making history on Tuesday.

Shares of investment banking Goldman Sachs hit a record high of $252.65 and were among the biggest gains contributors in the Dow Jones industrial average. The Dow, along with the and Nasdaq composite, also hit record highs.

Goldman's stock is by far the most valuable Dow component and has seen the most gains since the U.S. election.

Since Nov. 8, Goldman has risen nearly 37 percent as investors add to bets that President Donald Trump's administration will be able to push forward significant tax cuts and deregulation.

GS since US election

Source: FactSet

That said, Goldman's stock is only up about 5 percent in 2017, as investors await more clarity about Trump's plans.

The stock ended Tuesday's session about 0.55 percent higher at $251.76.

"Investors have been patient, but at some point that patience is going to run out," said Art Hogan, chief market strategist at Wunderlich Securities.