Wall Street surged higher today, hurtling the Dow Jones industrials past 12,500 for the first time as year-end bargain hunters picked up stocks across a variety of sectors.

Wall Street extended its November rally today, carrying the Dow Jones industrials to a new trading high as investors anticipated a business-friendly outcome of the US congressional elections and bought stocks across the market.

Wall Street pared an earlier advance to end mixed today as investors’ persistent concerns about interest rates and the economy countered relief over an upbeat homebuilding report.

Stocks extended their losses into a second day today after a cautious outlook from home builder Toll Brothers Inc. and a surge in energy prices rattled investors.